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Apple’s profits nearly doubled in the latest quarter.

  • July 27, 2021

Apple’s profits nearly doubled in the latest quarter, showing that the world’s richest and most valuable public company is exhibiting little sign of slowing down.

Apple said on Tuesday that its profits increased 93 percent to $21.7 billion in its fiscal third quarter compared with a year earlier, while sales rose 36 percent to $81.4 billion, both outpacing analysts’ expectations.

The company has posted growth rates in recent quarters that resemble a much smaller upstart rather than a corporate titan worth nearly $2.5 trillion. It has been fueled by people buying even more of its devices than usual during the pandemic, as they became more reliant on technology to work, study and socialize.

Apple said its iPhone sales grew 50 percent to $39.6 billion, a quarterly increase that was high by even its lofty standards. The increase was particularly surprising considering the company is set to release new phones in September, which often causes many people to wait to buy new iPhones.

Article source: https://www.nytimes.com/2021/07/27/technology/apple-q3-earnings.html

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