The company on Wednesday reported revenues of $89.6 billion and a profit of $23.6 billion for the three months ending March 27, blowing past analyst forecasts. The company also authorized a $90 billion share buyback, it said.
Apple shares surged more than 3% after-hours following the report.
“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” CEO Tim Cook said in a statement.
“Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world,” Cook added.
The company recorded double-digit growth in each of its product categories, according to CFO Luca Maestri. iPad and Mac sales grew 70% and 79%, respectively, as people upgraded their work-from-home setups, with Mac sales setting a new all-time record.
“This quarter reinforces the fact that despite the pivot toward services, Apple remains primarily a hardware-driven company,” eMarketer analyst Yoram Wurmser said in a note after the earnings.
Cook said he expects Apple’s strong performance to continue even after the economy fully reopens and companies bring employees back to offices.
“It seems like many companies will be operating in a hybrid kind of mode and so it would seem that work-from-home and the productivity of working from home will remain very critical,” he said. “All in all, we feel very, very good.”
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