Some brilliant earnings performance couple with an already bullish run on the market led to Apple stock price soaring past the $400 mark for the first time. All of this on top of a surprisingly record-breaking quarter and a stock split.
All of Apple's other businesses saw sharp upticks in the quarter. But Apple's CFO did say, "Apple Watch continues to extend its reach, with over 75% of the customers purchasing Apple Watch, during the quarter, new to the product".
Apple Inc. said Thursday that financial results for its fiscal 2020 third quarter ended June 27 with quarterly revenue of 59.7 billion US dollars, up by 11 percent year on year, with quarterly earnings per diluted share of 2.58 dollars, up by 18 percent.
Sales of the iPhone, Apple's main revenue driver, were up 1.7% year over year at $26.4 billion in the June quarter.More news: Meghan asks court to keep identities of friends secret in legal action
Apple, which has regularly launched new models every September, is facing production delays due to supply chain disruptions amid the coronavirus outbreak, Bank of America analysts said earlier this year.
Sales in its services segment, which also includes offerings such as iCloud and Apple Music, rose 14.8 percent to $13.16bn, compared with $11.46bn a year ago and analysts' expectations of $13.18bn.
Revenue: $52.2 billion expected versus $53.8 billion in Q3 2019.
Cook said Apple's process for re-opening its offices would be similar to how it has handled its retail stores. "I think we have the strongest product line in both areas that we've ever had", Cook told Reuters. Wearables grew from $5.5 billion to $6.45 billion.More news: Game Over: Saudi Arabian Takeover Of Premier League Newcastle United Called Off
The big picture: Apple didn't give specific financial guidance for the current quarter but said it expects continued strength in its Mac and iPad businesses which saw stronger growth last quarter, amid the pandemic and a shift to distance learning. "And so these are numbers that we're super proud of".
Sales rose the most in Japan, where revenues climbed 21% in the quarter, followed by Europe with an 18.9% rise and Asia at 17%.
It is not unprecedented for the iPhone's release to be delayed, in 2017 Apple's iPhone X was not released until November.More news: Endangered tigers captured on camera in western Thailand