On Thursday, Apple reported quarterly revenue and profit that exceeded Wall Street's expectations. The tech giant's revenue for the quarter ending in December 2020 was $111.4 billion, up 21 percent from the same period the previous year. This figure beat analysts' expectations of a 4.4 percent drop to $93 billion, according to Refinitiv data.
The strong performance was driven by a surge in iPhone sales, which rose 17 percent year-over-year to $65.6 billion. This was due in part to the launch of the iPhone 12, which was well-received by consumers. Additionally, sales of Macs and iPads also saw double-digit growth, as people continued to work and learn from home during the pandemic.
While sales of wearable devices, such as the Apple Watch and AirPods, did decline slightly, the drop was less than analysts had feared. This suggests that demand for these products remains strong, despite the economic uncertainty caused by the pandemic.
Overall, Apple's strong quarterly results demonstrate the company's resilience in the face of the ongoing pandemic. With a strong product lineup and a loyal customer base, the tech giant is well-positioned to continue delivering strong financial results in the future.
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