Apple reported increased profit and revenue across its business in its latest quarterly report, as CEO Tim Cook (pictured) pointed to high growth in emerging markets and strong customer response to its first 5G devices [1].
In the company’s fiscal Q3 (covering the three months to 26 June 2021), the company booked net profit of $21.7 billion compared with $11.3 billion in the equivalent period of 2020. Revenue was up 36 per cent year-on-year to $81.4 billion.
During Apple’s earnings call, Cook noted this constituted a record for both revenue and net profit from its “June quarter” pointing to “especially strong growth in emerging markets”.
Although recording double-digit growth in iPhone sales across its geographic segments year-on-year, Cook highlighted boosts from India, Latin America and Vietnam.
He added Apple had been aided by a strong response to its iPhone 12 range, lauding the impact of 5G on the features it is able to offer on the handsets.
“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,” Cook noted.
Despite a sustained push on services [2] in recent years, iPhone sales continue to be the largest contributor to Apple revenue by some distance. In fiscal Q3, the segment provided almost half of its revenue.
Its services division, which includes earnings from its App Store, device maintenance, broadcast, gaming and a range of other offerings, also booked record revenue of $17.5 billion compared with $13.1 billion in the equivalent quarter of 2020.
CFO Luca Maestri noted its advertising business and Apple Care had suffered significantly from lockdown measures in 2020.
[1] https://www.mobileworldlive.com/featured-content/home-banner/apple-embraces-5g-for-iphone
[2] https://www.mobileworldlive.com/apps/news-apps/apple-reveals-app-store-record-broad-services-growth
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