Apple’s profits nearly doubled in the latest quarter.
Apple’s profits nearly doubled in the last quarter, showing that the world’s richest and most valuable state-owned company shows few signs of slowing down.
Apple said Tuesday that its profits rose 93% to $ 21.7 billion in the fiscal third quarter from a year earlier, while sales rose 36% to $ 81.4 billion, topping analysts’ expectations.
The company has shown growth rates over the past few quarters that look like a much smaller upstart rather than a corporate titan worth nearly $ 2.5 trillion. It has been fueled by people buying even more of its devices than usual during the pandemic as they have become more reliant on technology for work, study and socialization.
Apple said its iPhone sales rose 50% to $ 39.6 billion, a high quarterly increase even by its high standards. The increase was particularly surprising given that the company is set to launch new phones in September, often forcing many people to wait to buy new iPhones.
IPhone sales had declined in recent years in a saturated smartphone market, but the pandemic mostly changed that. The April to June period was the third straight quarter of double-digit increases in iPhone sales, with much of the growth coming from existing customers upgrading their phones.
Apple has sold more of all of its other products, including iPads, Macs, and wearable devices like the Apple Watch and AirPods. The company’s sales were also up in all geographies, led by the Greater China region with growth of 58%, the third consecutive quarter in which sales increased by more than 50%.
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