Apple Q3 2020 Breaks Records While the World Burns, Next iPhone to Be Fashionably Late

Originally published at: https://tidbits.com/2020/07/30/apple-q3-2020-breaks-records-while-the-world-burns-next-iphone-to-be-fashionably-late/

For its third fiscal quarter of 2020, Apple reported quarterly record financial results that far exceeded consensus estimates, managing to show revenue increases in all of its product segments and geographic sectors. Chalk it up to people working and learning from home.

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Each of these bar graphs appear to be in millions, not in billions.

That is, unless Apple made $6.45 trillion in wearables last quarter. That seems like a lot.

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Thanks! The charts were accidentally sucking data from a raw data table rather than one where we’d regularized things to the right scale. All fixed now.

One point in the article is a little misleading.

“You might wonder how Apple managed to do so well when the GDP of the United States has shrunk by nearly a third

Quarter over Quarter, the GDP shrank by 9.5%, bad, but not nearly as bad as a third. Only if you annualize this out to a full year (i.e. if next three quarters continue to drop by 9.5%), do you get that the GDP shrinks by a third. It is a very confusing way to compare results. Companies like Apple, and like in the article, compare a Quarter results to the previous year’s quarter. For the GDP, this would not have been as bad.

See this Forbes article to better explain the difference between these numbers.

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