Apple Beats Analysts' Q3 Expectations, iPhone Sales Surge 50%
Tech giant Apple on Tuesday reported strong fiscal third-quarter earnings, shattering analysts' expectations. The company posted its best fiscal third quarter in its history.
Apple’s top products climbed at least over 12% on an annual basis, a further sign that consumers' tech purchasing habits were not negatively affected by the pandemic or the chip shortage.
Apple's overall revenue jumped 36% from the same time last year to $81.4 billion, with sales of its signature iPhone sales growing almost 50% on an annual basis. The company beat Wall Street's expectations of $73.3 billion in total revenue.
Sales in the Americas were 33% higher than for the same quarter last year.
The Cupertino, California-based company reportedly saw stronger-than-expected demand for its laptops and iPad tablets from students and remote workers.
Apple’s strongest sales growth came from China, where sales grew 58% from the same time last year. CEO Tim Cook told Reuters Tuesday that customers bought accessories, like the Apple Watch, to pair with their iPhones.
“It wasn’t just iPhone. We set a new quarterly record for Mac, for wearables, home and accessories, and for services” in China, Cook said. “It was our strongest geography.”
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