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Apple Earnings: Profits Nearly Double in Last Quarter

  • July 28, 2021

Sales of iPhones had declined in recent years in a saturated smartphone market, but the pandemic mostly changed that. The April-through-June period was the third consecutive quarter of double-digit increases in iPhone sales, with much of the growth coming from existing customers upgrading their phones.

Apple also sold more of all of its other products, including iPads, Macs and wearable devices such as the Apple Watch and AirPods. The company’s sales increased in every geographic area, led by its Greater China region, with 58 percent growth, the third consecutive quarter in which sales increased by more than 50 percent there.

Apple’s reliance on China to sell and manufacture its products has forced the company to make compromises there, including by storing its users’ data on Chinese government servers and censoring certain apps.

The company also posted one of its largest gross profit margins ever, at 43.3 percent, showing how efficient its enormous business has become.

In an earnings call, Luca Maestri, the company’s finance chief, attributed the widening margin to cost savings and a greater reliance on revenue from its internet-services business, which includes its take of other companies’ app sales and has an unusually high profit margin.

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