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Apple’s profit almost doubled in the last quartershows that the world’s richest and most valuable publicly traded company is showing no signs of slowing down.
Apple said on Tuesday that its fiscal third-quarter profit rose 93 percent year-on-year to $21.7 billion, and sales rose 36 percent to $81.4 billion, both beating analysts’ expectations.
The company has reported growth rates in recent quarters that look more like a much smaller start-up than a corporate titan of nearly $2.5 trillion. Fueled by people buying more devices than usual during the pandemic. more dependent on technology work, study and socialize.
Apple said iPhone sales rose 50 percent to $39.6 billion, a quarterly increase that was high even by its high standards. The increase was particularly surprising considering the company was ready to launch new phones in September, causing most people to wait to buy new iPhones.
In the saturated smartphone market, iPhone sales have plummeted in recent years, but the pandemic has drastically changed that. The April-June period was the third consecutive quarter of double-digit growth in iPhone sales, with much of the growth coming from existing customers upgrading their phones.
Apple has sold most of its other products, including iPads, Macs, and wearables like the Apple Watch and AirPods. The company’s sales also increased in every geographic region, particularly the Greater China region, with 58 percent growth, the third consecutive quarter where sales increased by more than 50 percent.
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