Apple's profits double

30 Apr 2021

Apple's profits double

30 Apr 2021

A surge in iPhone sales, especially in China, has led to a doubling of profits at Apple since the start of the pandemic. The results reflected “optimism” about the days ahead, Apple's boss said. Rival tech firm Facebook also reported bumper revenues and profits. But the social media giant warned Apple's latest software release could undermine its prospects later in the year. Apple has seen sales of its phones, apps, and other devices rise throughout the pandemic, as consumers spent more time working, shopping, and seeking entertainment online. Customers continued to upgrade to Apple's new 5G phones which were rolled out last year, and also bought Mac computers and iPads to tackle working and studying from home, the firm said. Fitness and music apps also saw a lockdown boost. Sales to China nearly doubled, leading to overall revenues for the first three months of this year of $ 89.6 billion (£ 64.2 billion), more than 50% up compared to a year earlier. Profit was $ 23.6 billion, up from $11.3 billion for the same period last year. “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,” said Chief Executive Tim Cook. PP Foresight Analyst Paolo Pescatore said it was “another blowout quarter” for Apple. “The iPhone remains a core product and gateway to the Apple universe,” he added, providing Apple with “a key launchpad” to sell further services. Hargreaves Lansdown Equity Analyst Sophie Lund-Yates said customers had proved willing to “splurge on big-ticket items thanks to a global shift to working from home, and the fact people have found comfort in treating themselves”. “The sheer scale of Apple's sales is testament to the grip that shiny embossed piece of fruit has on global consumers,” she added. Facebook, which relies on sales of advertising rather than consumer electronics, also saw bumper revenues and profits in the first three months of the year. The time spent by consumers at home, and the spending power that shifted online, translated into revenues of $ 26.17 billion, outpacing analysts’ predictions. Profit was also higher than expected at $ 9.5 billion. Facebook said in coming months it expected revenue to be stable or grow moderately, and admitted a new feature released this week by Apple – an option for users to prevent apps from collecting user data – could “significantly” hurt its business. (BBC)

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Apple's profits double

Apple's profits double

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