Apple posts record sales during lockdown but is forced to delay new iPhone

Apple posted record revenues during its lockdown quarter despite being forced to close swathes of its store estate.

Apple has become the second tech giant to post a record quarter this morning, following Amazon’s best ever quarterly results.

The iPhone maker saw revenues rise 11 per cent to $59.7 billion, smashing average analyst forecasts of a three per cent decline.

This boosted profits by 12 per cent to $11.3 billion as increased demand from lockdown shoppers drove growth in all its key areas.

READ MORE: Amazon doubles profits during lockdown posting best quarter in its history

Smartphone sales rose two per cent to $26.4 billion, again thundering past estimates of a 14 per cent decline.

Elsewhere iPad and Mac sales both also had “phenomenal quarters” seeing sales rise 31 per cent to $6.6 billion and 21.6 per cent to $7.1 billion respectively.

Its services arm jumped 14.8 per cent to $13.2 billion, while wearables rose 16.7 per cent to $6.5 billion.

While the pandemic has seemingly had little negative impact on its sales, it has severely affected its supply chain leading the retailer to officially announce a delay in the release of its new iPhone.

Apple’s chief financial officer Luca Maestri confirmed speculation that its new model, the first to feature 5G technology, will be launched “a few weeks later” than planned.

The news sent Apple’s share up six per cent to above $400, valuing it at $1.67 trillion making it the most valuable tech company on earth.

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Apps / MobileCompaniesNews

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