Apple Thrives During COVID-19 Pandemic, Sales Up 54% 5G iPhone & iPads Big Drivers
Demand for 5G iPhones has seen Apple sales surge by 54% in the last quarter Vs the same COVID-19 period in 2020 as consumers worked from home.
Sales in Australia are said to be up over 20%.
The thriving US Company who is currently facing several Government inquiries and has been found guilty of stealing patents, reported fiscal second-quarter sales of US$89.6 billion analysts had estimated US$77.3 billion. according to data compiled by Bloomberg. Profit was $1.40 a share, also easily topping Wall Street forecasts.
Sales were up right across the Apple product offering, iPad revenue of $7.8 billion, the business also sold a record $9.1 billion worth of Macs.
The company will start shipping new iPad Pro models and a revamped iMac with its own chip later in May, potentially propelling both lines in the current quarter.
Services generated a record $16.9 billion in revenue, topping estimates of $15.6 billion. Late last year, Apple rolled out Apple One services bundles and new offerings such as the Fitness+ workout offering.
The company’s Home, Wearables, and Accessories segment had sales of $7.8 billion during the fiscal second quarter. That beats analyst estimates of $7.5 billion. The category includes AirPods, the Apple TV, HomePod speaker, dongles, and other accessories to Apple’s main devices.
“iPad and Mac sales nearly doubled, showing the strength of the PC market and education channels,” said Shannon Cross, an analyst at Cross Research. “These results also show their control over the supply chain and their ability to outmanoeuvre competitors.”
The world’s largest technology company has mostly thrived during the pandemic.
Analysts are tipping that Apple will have to work hard to maintain such high levels of interest in its devices as consumers return to work this year. Apple did not provide a forecast for the current quarter.
“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” Apple Chief Executive Officer Tim Cook said in a statement.
“These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter,” Luca Maestri, Apple’s chief financial officer, said.
“We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers’ lives.”
The company increased its dividend by 7% and upped its share buyback program by another $90 billion.
Apple’s revenues grew significantly in each of its major geographies, with significant year-over-year growth in Greater China and Europe.