Daily reviews

28.01.2021

Apple boasts quarterly results as iPhone sales surge

Apple boasts quarterly results as iPhone sales surge

The company’s China revenue surged to $21.31 billion from $13.58 billion

Stocks impacted: Apple (AAPL)

Apple Inc. finished last year with its most profitable quarter ever, fueled by an uptick in higher-end iPhone sales. The smartphone giant generated $111.4 billion in quarterly sales, an all-time high and the first time it has topped $100 billion in quarterly revenue. Apple grew the smartphone business sharply, recording $65.60 billion in sales for the category compared with $55.96 billion a year earlier. Furthermore, the company’s China revenue surged to $21.31 billion from $13.58 billion. Sales were up 12% in the Americas, 17% in Europe, and 57% in Greater China. Apple reported a net income of $28.76 billion, or 1.68 a share, up from $22.24 billion, or $1.25 a share, in the year-prior period. Despite the upbeat report, Apple stocks finished 0.77% lower on Wednesday, shedding around 3% after the close amid a broad-based risk aversion across the markets.

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