The Strategist

Apple's profits rise to $21.7B in Q2

07/28/2021 - 03:50

Apple earned $21.7 billion in profits for the quarter ended June. It was the best result in the company's 45-year history among similar periods in previous years.

Flickr user Butz.2013
Flickr user Butz.2013
Apple earned $21.7 billion in profits in the quarter ended June. This is the best quarter among similar periods of previous years in the 45-year history of the technology company, reports The Wall Street Journal. 

On a per share basis, the company earned $1.3, beating analysts' expectations of $1.01 per share. Apple's revenue for the quarter was up 36 percent year-over-year to $81.4 billion, beating estimates by Refinitiv of $73.33 billion. Each of Apple's main product lines grew more than 12 percent year-over-year. The latest iPhone 12 was the first smartphone in three years with technological advances perceived by longtime customers as a worthy upgrade, notes WSJ.  

Apple was also helped by stronger-than-expected demand for laptops and iPad tablets from workers and students stuck at home during the coronavirus pandemic.  iPhone sales - $39.57 billion versus $34.01 billion - were up almost 50% year-on-year, CNBC reported. In Greater China (includes Taiwan and Hong Kong), Apple's sales were $14.76 billion, up 58% from the same quarter in 2020. Sales in the Americas rose nearly 33% year over year to $39.57 billion. 

Apple has been abstaining from forecasting for six consecutive quarters since the COVID-19 pandemic began. This time, Apple CFO Luca Maestri said the company expects double-digit year-on-year growth in the current quarter.


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