Apple sales break expectations as devices demand increases for Business and Economic News

The tech giant reported sales of $ 89.6 billion in the second quarter, up 54 percent from the same period in 2020.

Apple Inc. the company reported quarterly revenue that shattered Wall Street expectations, with sales of 5G iPhone 12 online and the purchase of iPads and Macs while people continued to work and study from home.

In Cupertino, California, the tech giant had second-quarter fiscal sales of $ 89.6 billion, up 54% from the same period in 2020. Analysts have estimated an average of $ 77.3 trillion, according to data collected by Bloomberg. Earnings were $ 1.40 a share, easily surpassing Wall Street forecasts as well.

“IPad and Mac sales nearly doubled, showing the strength of the computer market and education channels,” said analysts at Shannon Cross Cross Research. “These results demonstrate their control over the supply chain and their ability to outperform competitors.”

The world’s largest technology company has made the most progress during the pandemic. They pulled supply chains early last year, but forced millions of people to work and study from home, creating demand for iPhones, iPads and Macs. Now that vaccines are spreading and some consumers are returning to the office and school, Apple will have to work hard to maintain such a high level of interest in its devices.

“This quarter reflects the sustainable ways our products have helped users meet this moment in their lives, and it seems that consumers are optimistic about all the better days,” said Apple CEO Tim Cook. statement.

The stock rose about 3% in long trading after closing at $ 133.58 in New York. The shares have lagged behind other major technology companies this year.

As has been his practice in recent quarters, Apple has not provided any forecasts for the current quarter.

The iPhone 12 went on sale during the holiday quarter, but the smaller iPhone 12 mini and the more expensive iPhone 12 Pro Max didn’t start until November. This means that the fiscal second quarter has been the first financial period for this new 5G phone line. Apple also released new MacBook Pros, Mac mini, MacBook Airs, new AirPods, new iPads and updated Apple Watches.

“These results have created an operating cash flow of $ 24 billion and returned nearly $ 23 billion to shareholders during the quarter,” said Luca Maestre, Apple’s chief financial officer. “We are confident in our future and continue to make significant investments to support long-term plans and enrich the lives of our customers.”

The company increased its dividend by 7% and increased its share purchase program by another $ 90 billion.

Apple has reported $ 7.8 billion in iPad revenue, surpassing Wall Street’s $ 5.655 billion expectations. It also sold Mac for $ 9.1 billion, exceeding estimates of $ 6.8 billion. The company will begin shipping new iPad Pro models and a revamped iMac with its chip later in May, possibly pushing the two lines in the current quarter.

Services achieved a record revenue of $ 16.9 billion, exceeding estimates of $ 15.6 billion. Late last year, Apple rolled out new Apple One service bundles and offerings, such as the Fitness + workout offering.

The company’s Home, Wearables, and Accessories segment had $ 7.8 billion in sales in the second quarter of fiscal. This exceeds analysts ’estimates of $ 7.5 billion. The category includes AirPods, Apple TV, HomePod speaker, dongles, and other accessories for major Apple devices.

Apple’s revenue grew significantly in each of its major geographies, with year-on-year growth in Greater China and Europe.