CUPERTINO
Apple’s net profit nearly doubled in its fiscal 2021 third quarter as the company earned record revenue in the June quarter.
The Cupertino-based company’s net profit in the period that ended on June 26, surged an annual 93.2 per cent to more than $21.7 billion. However, it was $1.9bn less than the quarter that ended on March 27.
Revenue surged 36 per cent on an annual basis to $81.4bn during the quarter, significantly exceeding analysts’ estimates of $73.3bn.
This was a record for June quarter sales for the iPhone maker but still $8.2bn less than the March quarter.
“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users at a time when using technology to connect people everywhere has never been more important,” Tim Cook, Apple’s chief executive, said.
Cook said the company saw a very strong double-digit increase in both “upgraders and switchers” during the quarter. “We are continuing to press forward in our work to infuse everything we make with the values that define us … by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal and engaging in the urgent work of building a more equitable future,” Mr Cook added.
Earnings across all categories of products reported double-digit growth.
iPhone sales account for about 48 per cent of the company’s revenue. Smartphone sales surged nearly 50 per cent to $39.5bn in the quarter from the year-earlier period, about $5.6bn more than analysts’ predictions.
The company’s total revenue from services grew about 33 per cent annually to $17.4bn, while revenue from wearables, home and accessories products increased almost 36 per cent yearly to more than $8.7bn.
Revenue from iPads and computers surged 14 per cent to $15.6bn.
Apple’s sales in the Americas region accounted for more than 44 per cent of the company’s total third-quarter revenue and it earned $35.8bn in the region. It was followed by Europe and the Greater China market (China, Hong Kong and Taiwan), which added $18.9bn and $14.7bn, respectively, to the company’s revenue.
Despite US-China trade issues, Apple managed to gain significant new ground in the Greater China market that saw an annual increase of almost 58 per cent.
