Apple’s announcement of its Q3 2020 earnings yesterday may be one of its most significant in a long time, since it’s the first full quarter during which the company has had to deal with the novel coronavirus pandemic having shut down most of the world’s economy.
Investors were nervous enough about Apple’s Q2 2020 earnings after Apple candidly admitted that it would miss its targets due to the current crisis, although of course Apple CEO Tim Cook was quick to also add that Apple remained “fundamentally strong” and would definitely get through without any trouble.
Even so, the Q2 2020 earnings were a pleasant surprise, although since they spanned the period of January to March, most of the results also came from an era before the pandemic had encompassed most of the world — consider that Apple didn’t shut down any of its stores outside of China until the second week in March, which was basically the end of that quarter.
What Q3 2020 — April to June — would bring was much more uncertain, since over 400 Apple Stores remained closed when the quarter began, and Apple itself even refused to offer any guidance for the quarter, saying that there was no way it could do so in this time of uncertainty. However, what’s amazing is that even with most of Apple’s retail stores closed down for most of the quarter, Apple continued to show incredibly strong growth across the board, once again breaking records. Read on for 7 key takeaways from Apple’s latest earnings call on Thursday.