By Jason Snell
July 30, 2020 2:32 PM PT
Here’s a complete transcript of Tim Cook and Luca Maestri’s conference call with analysts.
Tim Cook: Good afternoon, everyone. Thanks for joining the call today.
Before we began, I join the many millions across this country in mourning and memorializing, Congressman John Lewis, who was laid to rest earlier today. We’ve lost a hero who walked among us, a leader in the truest sense, who urged this country to aim higher and be better until the very end. I was humbled and fortunate to know him. And as an Alabama native, his example inspires me still. It now falls to every American to be a living memorial to John Lewis and to carry forward the work and the mission that defined his life.
Throughout the call. I’ll speak in greater detail about Apple support for equity and justice, topics of great urgency on a number of fronts. But first I want to pull the lens back to consider the quarter in full.
In an uncertain environment, Apple saw a quarter of historic results, demonstrating the important role our products play in our customers’ lives. We set a June quarter record with revenue of $59.7 billion, up 11% from a year ago. Both products and services set June quarter records and grew double digits, and revenue grew in each of our geographic segments, reflecting the broad base of this success.
As always, and especially in times of real adversity, what makes us proud as a company is not merely what we did, but how we did it. As millions march for justice in big cities and small towns alike, we committed a hundred million dollars to launch Apple’s racial equity and justice initiative, as well as new and renewed internal efforts to foster diversity and inclusion at all levels of the company.
As COVID-19 continues to represent great risks for individuals and great uncertainty for our communities, care and adaptability are defining how we conduct our work, wherever we work. In some places that has met responsibly reopening our operations and retail stores with enhanced health and safety precautions. In others, where the virus has re-emerged, it’s meant taking the challenging but necessary step of reclosing stores.
I’ll touch on these topics more in a little bit, but first I want to offer some more context on the quarter’s results. Due to the uncertain and ongoing impacts of COVID-19, we did not provide our typical guidance when we reported our results last quarter, but we did provide some color on how we expected the June quarter to play out. I’d like to contextualize our results in terms of that color, across each of our product categories.