Apple said Tuesday that its profits increased 93 per cent to US$21.7-billion in its fiscal third quarter compared with a year earlier, while sales rose 36 per cent to US$81.4-billion, both outpacing analysts’ expectations.
The company has posted growth rates in recent quarters that resemble a much smaller upstart rather than a corporate titan worth nearly US$2.5-trillion. It has been fuelled by people buying even more of its devices than usual during the pandemic, as they became more reliant on technology to work, study and socialize.
Apple said its iPhone sales grew 50 per cent to US$39.6-billion, a quarterly increase that was high by even its lofty standards. The increase was particularly surprising considering the company is set to release new phones in September, which often causes many people to wait to buy new iPhones.
IPhone sales had declined in recent years in a saturated smartphone market, but the pandemic mostly changed that. The April through June period was the third consecutive quarter of double-digit increases in iPhone sales, with much of the growth coming from existing customers upgrading their phones.
Apple sold more of all of its other products, including iPads, Macs and wearable devices such as the Apple Watch and AirPods. The company’s sales also increased in every geographic area, led by its Greater China region, with 58 per cent growth, the third consecutive quarter in which sales increased by more than 50 per cent there.
Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.