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Apple on Thursday announced the financial results for its fiscal 2020 fourth quarter ended Sept. 26 with record revenue of $64.7 billion, up by 1 percent on an annual basis.
But the company's shares nosedived more than four percent in after-hours trading on Thursday on word of a steep drop in sales of iPhones, which are at the heart of the tech titan's money-making engine.
Its international sales accounted for 59 percent of the quarter's revenue, while Apple's net sales in the Great China region decreased to $7.95 billion from $11.13 billion a year ago, according to the company's financial statement.
Sales of iPhone amounted to $26.44 billion, down by 21 percent from 33.36 $billion a year ago, though Mac sales increased to $9.03 billion from $6.99 billion a year ago.
"iPhone is the cash cow and the driver of pretty much every add-on service Apple has out there," said analyst Patrick Moorhead of Moor Insights and Strategy in an interview with AFP.
The company's services revenue reached $14.55 billion from $12.51 billion year on year. It also posted quarterly earnings per diluted share of $0.73.
"Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services," said Apple's CEO Tim Cook.
"Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive," he noted.
"Our outstanding September quarter performance concludes a remarkable fiscal year, where we established new all-time records for revenue, earnings per share, and free cash flow, in spite of an extremely volatile and challenging macro environment," said Luca Maestri, Apple's CFO.
According to Maestri, Apple returned nearly $22 billion to shareholders during the quarter, as the company maintained the target of reaching a net cash neutral position over time.
Apple's Board of Directors has declared a cash dividend of $0.205 per share of the company's common stock. The dividend is payable on November 12, 2020 to shareholders of record as of the close of business on November 9, 2020.
(REUTERS)
