CUPERTINO
\nApple\u2019s net profit nearly doubled in its fiscal 2021 third quarter as the company earned record revenue in the June quarter.
\nThe Cupertino-based company\u2019s 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.
\nRevenue surged 36 per cent on an annual basis to $81.4bn during the quarter, significantly exceeding analysts\u2019 estimates of $73.3bn.
\nThis was a record for June quarter sales for the iPhone maker but still $8.2bn less than the March quarter.
\n\u201cThis 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,\u201d Tim Cook, Apple\u2019s chief executive, said.
\nCook said the company saw a very strong double-digit increase in both \u201cupgraders and switchers\u201d during the quarter. \u201cWe are continuing to press forward in our work to infuse everything we make with the values that define us \u2026 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,\u201d Mr Cook added.
\nEarnings across all categories of products reported double-digit growth.
\niPhone sales account for about 48 per cent of the company\u2019s 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\u2019 predictions.
\nThe company\u2019s 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.
\nRevenue from iPads and computers surged 14 per cent to $15.6bn.
\nApple\u2019s sales in the Americas region accounted for more than 44 per cent of the company\u2019s 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\u2019s revenue.
\nDespite 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.<\/p>\n","protected":false},"excerpt":{"rendered":"
CUPERTINO Apple\u2019s net profit nearly doubled in its fiscal 2021 third quarter as the company earned record revenue in the June quarter. The Cupertino-based company\u2019s 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 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-206577","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n