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"Apple Sales Crush Estimates on Surging Device Demand"

"(Bloomberg) -- Apple Inc. reported quarterly revenue that crushed Wall Street expectations, fueled by sales of the 5G iPhone 12 line and purchases of iPads and Macs as people continued to work and learn from home.

The Cupertino, California-based technology giant reported fiscal second-quarter sales of $89.6 billion, up 54% from the same period in 2020. Analysts, on average, estimated $77.3 billion, according to data compiled by Bloomberg. Profit was $1.40 a share, also easily topping Wall Street forecasts.

“iPad and Mac sales nearly doubled, showing the strength of the PC market and education channels,” said Shannon Cross, an analyst at Cross Research. “These results also show their control over the supply chain and their ability to outmaneuver competitors.”

The world’s largest technology company has mostly thrived during the pandemic. Supply chains were thrown off kilter early on last year, however, millions of people were forced to work and study from home, firing up demand for iPhones, iPads and Mac computers. Now that vaccinations are spreading and some consumers are returning to the office and school, Apple will have to work hard to maintain such high levels of interest in its devices.

“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,” Apple Chief Executive Officer Tim Cook said in a statement.

The stock rose about 2% in extended trading, after closing at $133.58 in New York. The shares have lagged behind other big tech companies so far this year."

https://finance.yahoo.com/news/apple-sales-crush-estimates-surging-210107214.html