Apple profit nearly doubles as lockdowns eased

Apple profit nearly doubles as lockdowns eased

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San Francisco: Apple said on Tuesday that due to the growth of iPhone sales and digital services, its just-ending quarter profit almost doubled to $21.7 billion.

Revenue increased 36% year-on-year to US$81.4 billion, setting the best performance of the technology giant in the third fiscal quarter.

CEO Tim Cook said: “This quarter, our team has established an unparalleled period of innovation by sharing powerful new products with our users. In this era, the use of technology to connect people around the world has never been so important.”

Cook said that the relaxation of the epidemic lockdown will help boost consumer spending in many parts of the world, and Apple will benefit from it.

Cook said on the conference call: “This quarter, consumers in the U.S. and around the world are becoming more and more optimistic, rekindling hope for a better future and all innovations.”

“Our technology continues to play a key role in keeping customers in touch, which makes us feel particularly humble.”

After the results were announced, Apple’s stock price was almost unchanged in after-hours trading, which is stronger than most forecasts.

The California giant said that iPhone sales revenue has increased by about 50%, and its increasingly important services such as digital payments, music, streaming TV and games have also achieved growth.

Chief Financial Officer Luca said: “Our record-breaking June quarter operating results include our new revenue records in each of our geographic regions, double-digit growth in each of our product categories, and record highs in our active equipment installed base.” .

As a result, Apple and other technology giants are facing greater pressure from antitrust law enforcement agencies around the world, as their dominance in key economic sectors has increased during the pandemic.

Daniel Ives of Wedbush Securities said that Apple’s better-than-expected performance will help boost the stock price.

Ives said in a report to customers: “In general, we describe it as Apple’s “gold medal” performance this quarter, especially considering the shortage of chips.”

“We basically see this quarter as the beginning of the second half and later stages of the 5G super cycle, and Apple’s ‘give up the microphone’ quarter.”

Ives said that Apple has shown strength in improving its services and managing growth in the world, including China.

“Although the chip shortage is a suspense for Apple this quarter, we believe that the strong iPhone and services this quarter offset any short-term weakness that Wall Street expected three months ago,” he said.

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