- 28th July 2021
- Posted by: Hakeem
- Category: Company Results
In its fiscal third quarter, the world’s most valuable company, Apple Inc., recorded revenue of $81.43 billion, an impressive quarter for the company.
In the quarter, the number of visitors increased 36% compared to the same period a year ago. As a result, it crushed the $73 billion estimate analysts had expected.
iPhone sales rose 49.78% year-over-year to $39.57 billion as Apple posted a net quarterly profit of $21.7 billion.
After Apple Inc. warned that sales growth may be slowing and supplies were running low, investors lost excitement following an unexpectedly strong third quarter. Despite the cautious remarks, the company reported a sales gain of 36% in the third quarter, surpassing Wall Street’s expectation of $73.8 billion with revenue of $81.4 billion. However, investors are keeping a wait-and-see attitude.
The iPhone maker’s business will continue to be hampered by part shortages and Covid restrictions this year. Right now, business is booming. Apple’s core product, the iPhone, soared by about 50% to $39.6 billion last quarter, beating projections of $34.6 billion.
The 5G iPhone 12 has helped the company break that trend, as Q3 is traditionally one of Apple’s slower periods as consumers prepare for new phone launches around September.
Luca Maestri, Chief Financial Officer, noted that each of the Company’s geographical segments had new revenue records in the quarter. Apple generated 21 billion in operating cash flow during the quarter and returned $29 billion to shareholders, he said. The company continues to make substantial investments to support long-term growth.
The wearables, home, and accessories segment at Apple grew 36% to $8.78 billion. A number of accessories can be found under that category, such as the Apple Watch, AirPods, Apple TV, and the HomePod.