Apple Had Yet Another Blowout Quarter, Approves $90b Share Buybacks

In what is being described as a blowout quarter, giant tech company Apple Inc. announced that its companywide sales went up 54 percent higher than last year. The company’s stock went up more than 4 percent at some point in extended trading. The company also revealed profits that have surpassed Wall Street’s expectations. The tech company had a double-digit growth in every aspect of its product category; the iPhone was up 65.5 percent from the previous year, its Mac computers and iPad sales went up 70.1 percent and 79 percent respectively from the previous year.

The expected amount for revenue was $77.36 billion. The company surpassed this with a figure of $89.58 billion. Revenue was up 53.7 percent year over year. The revenue for the company’s iPhone category was $47.94 billion as against expected revenue of $41.43 billion and was up 65.5 percent year over year. Service revenue was up 26.7 percent with revenue of $16.90 billion compared to $15.57 billion that was expected. Revenue for Other Products was up 24 percent year over year; the amount for revenue was $7.83 billion. The expected revenue for Other Products was $7.79 billion. Revenue from the sales of iPad was $7.80 billion and was up 78.9 percent year on year. The expected revenue for iPad sales was $5.58 billion. Apple’s Mac revenue was expected to be $6.86 billion, but the company surpassed this. Mac revenue was up 70.1 percent at $9.10 billion. The company’s gross margin was 42.5 percent against 39.8 percent that was expected of it.

Apple’s impressive figures are not a surprise at all. The company has a track record of beating expectations. Apple is one of the leading brands across the globe; its unique products are in high demand and thus the company is expected to have results as impressive as these.

The company approved $90 billion in share buybacks and revealed that it would increase its dividend by 7 percent to $0.22 per share. Apple made it known that it has benefited greatly from the pandemic as businesses and individuals bought more of its products, especially its Mac computers, to either work or simply keep themselves entertained at home. The company did not provide any guidance for revenue in the next quarter which quite leaves enthusiasts and investors in the dark but one thing that is for sure is that the company is expected to have great results in the next quarter even as economies begin to open up again.

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