Annual report pursuant to Section 13 and 15(d)

Summarized Quarterly Data (Unaudited)

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Summarized Quarterly Data (Unaudited)
12 Months Ended
Sep. 27, 2020
Quarterly Financial Data [Abstract]  
Summarized Quarterly Data (unaudited) Summarized Quarterly Data (Unaudited)
The following financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary for a fair statement of the results of the interim periods.
The table below presents quarterly data for fiscal 2020 and 2019 (in millions, except per share data):
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2020 (1)
Revenues (2) $ 5,077  $ 5,216  $ 4,893  $ 8,346 
Operating income (2) 1,030  991  782  3,452 
Net income (2) 925  468  845  2,960 
Basic earnings per share (4) $ 0.81  $ 0.41  $ 0.75  $ 2.62 
Diluted earnings per share (4) 0.80  0.41  0.74  2.58 
2019 (1)
Revenues (3) $ 4,842  $ 4,982  $ 9,635  $ 4,814 
Operating income (3) 710  940  5,317  701 
Net income (3) 1,068  663  2,149  506 
Basic earnings per share (4) $ 0.88  $ 0.55  $ 1.77  $ 0.42 
Diluted earnings per share (4) 0.87  0.55  1.75  0.42 
(1)Amounts, other than per share amounts, are rounded to millions each quarter. Therefore, the sum of the quarterly amounts may not equal the annual amounts reported.
(2)Revenues, operating income and net income in the fourth quarter of fiscal 2020 included $1.8 billion resulting from the settlement of our prior dispute with Huawei. Net income in the second quarter of fiscal 2020 was impacted by $265 million in non-marketable investment impairments due in part from the impact that the COVID-19 pandemic had on certain of our investees.
(3)Revenues, operating income and net income in the third quarter of fiscal 2019 included $4.7 billion resulting from the settlement with Apple and its contract manufacturers. Operating income and net income in the third quarter of fiscal 2019 were impacted by a $275 million charge related to the 2019 EC Fine. Net income in the first quarter of fiscal 2019 was impacted by an income tax benefit of $570 million due to establishing new U.S. net deferred tax assets from making certain check-the-box elections. Net income in the third quarter of fiscal 2019 was impacted by a $2.5 billion charge to income tax expense resulting from the derecognition of a deferred tax asset related to the distributed intellectual property.
(4)Earnings per share and earnings per share are computed independently for each quarter and the full year based upon respective average shares outstanding. Therefore, the sum of the quarterly earnings per share amounts may not equal the annual amounts reported.