Apple’s profit nearly doubled as lockdowns eased – .

Apple’s profit nearly doubled as lockdowns eased – .

San Francisco (AFP)

Apple said on Tuesday that its profit in the last quarter had nearly doubled amid improving consumer spending and a “growing sense of optimism” as pandemic lockdowns eased.

The California tech giant’s profit reached $ 21.7 billion thanks to growth in sales of iPhone and its increasingly important digital services.

Revenue jumped 36% from a year ago to $ 81.4 billion, the best on record for the tech titan’s fiscal third quarter.

“This quarter has seen a growing sense of optimism for consumers in the United States and around the world, sparking renewed hope for a better future,” Chief Executive Officer Tim Cook said on a conference call.

“We are particularly touched that our technology has continued to play a key role in keeping our customers connected. “

Cook said an easing of pandemic lockdowns helped boost consumer spending in many parts of the world, with Apple benefiting.

He argued that Apple can continue to grow as consumers search for new devices for lightning-fast 5G wireless networks.

“We are only in the early days of 5G, but already its incredible performance and speed has had a significant impact on how people can get the most out of our technology,” he said. .

“Customers love the iPhone 12 for its lightning-fast 5G speeds. “

Apple shares were little changed in aftermarket trading after earnings, which were stronger than most expectations.

IPhone sales revenue jumped about 50% and posted increases for its services such as digital payments, music, streaming TV and games.

The results are coming with Apple and other tech giants facing increased pressure from antitrust authorities around the world for their dominance of key economic sectors, which has increased during the pandemic.

– ‘Gold medal’ –

Scott Kessler of research firm Third Bridge said Apple was able to maintain its momentum despite the global semiconductor shortage and supported its growth in services, which have played an important role in diversifying its sources. of income.

# photo1 The chip shortage “didn’t appear to have an impact on iPhone sales, which are up 50%,” Kessler said in a research note.

“A major theme for the company over the past two years has been the emergence of service offerings and associated revenues. Services accounted for over 20 percent of revenues and have been a source of steady growth.

Daniel Ives of Wedbush Securities said Apple performed better than expected, which should help boost stock prices.

“Overall, we would characterize this as a ‘gold medal’ from Apple in the quarter, especially considering the chip shortage,” Ives said in a note to customers.

“We basically see this quarter as the second half and the start of the final stretch of the 5G supercycle and a ‘drop the mic’ quarter for Apple. “

Ives said Apple has been strong in driving its services and managing growth globally, including in China.

“While the chip shortage was an overhang for Apple during the quarter, we believe the strength of the iPhone and services during the quarter neutralized any near-term weakness Street anticipated three months ago,” did he declare.


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