Thursday, May 6, 2021

Apple had a big quarter for the 5G iPhone

The company reported revenue of $ 89.6 billion and profit of $ 23.6 billion for the three months ending March 27, which winds up last year’s forecasts. The company also authorized a share buyback of $ 90 billion.

Apple shares rose more than 3% after the report.

CEO Tim Cook said in a statement, “This quarter reflects both the ways our products help us fulfill this moment in our lives.”

iPhone sales were about $ 48 billion, a 65% increase over the same quarter last year, as consumers continued to pay large sums to upgrade Apple’s first 5G smartphone lineup. The company’s overall product sales were $ 72.6 billion, pleased with the launch of the new iPad, Apple Watch Series 6 and A. Macbook update range With Apple’s in-house silicon chips.

Cook said, “Apple is in a period of widespread innovation in our product lineup, and we are looking at how we can help our teams and the communities where we work.

Apple’s services revenue grew nearly 27% to $ 16.9 billion, such as new software products Fitness + program And its Apple One subscription bundle continued to gain traction.

According to CFO Luca Maestri, the company recorded double-digit growth in each of its product categories. iPad and Mac sales rose 70% and 79% respectively, as people upgraded their work-from-home setup, with Mac sales setting a new all-time record.

“This quarter reinforces the fact that despite the axis towards services, Apple remains primarily a hardware-driven company,” e-market analyst Yoram Wurmser said in a post-earnings note.

Cook said he expected Apple to continue its strong performance even after the economy had fully opened and that companies would bring employees back to offices.

“It seems that many companies are operating in a hybrid type of mode and therefore it seems that productivity of working from home and working from home will be very serious,” he said. “All in all, we feel great.”

Apple unveils many products and services “Spring Loaded” Event Last week, a new lineup of iMac desktop computers, a long-rumored Bluetooth tracking device called Airtag, a podcast subscription service and a purple version of its iPhone 12.
Earlier this week, the company said it doubled with its US manufacturing and corporate presence Additional $ 80 billion investment.
At the same time, Apple is facing several pressures from regulators and other tech companies. Iphone maker is locked in one Heated dispute With this, Silicon Valley colleagues on Facebook New privacy requirements This threatens the main advertising business of the social media company, as well as a Legal battle The company behind the popular video game Fortnite, on the App Store with Epic Games.
Apple also has an App Store under scrutiny From US lawmakers on antitrust concerns.

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