Apple Profit Nearly Doubles As Lockdowns Eased
- ByAyushi Ray | July 28, 2021
Apple profit nearly doubles as lockdowns eased, as confirmed by an official statement from the company. The California tech giant’s profit rose to $21.7 billion on growth in iPhone sales and its increasingly important digital services. Their revenue surged 36 percent in comparison to last year,when it was $81.4 billion, the best ever for the tech titan’s fiscal third quarter. “This quarter saw a growing sense of optimism for consumers in the United States and around the world, driving renewed hope for a better future,” chief executive Tim Cook told a conference call. “We are especially humbled 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 benefitting from that.
Cook also informed that Apple will continue to expand and bring out new variants, as consumers seek new devices for superfast 5G wireless networks.”We’re only in the early innings of 5G, but already its incredible performance and speed have made a significant impact on how people can get the most out of our technology,” he said. “Customers love iPhone 12 for its superfast 5G speeds.” Apple shares were little changed in after-market trading following the results, which were stronger than most forecasts. Revenue from iPhone sales jumped some 50 percent and posted increases for its services such as digital payments, music, streaming television and gaming. The results come with Apple and other tech giants facing heightened pressure from antitrust enforcers around the world for their dominance of key economic sectors, which has increased during the pandemic.
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