Apple announces 50% increase in iPhone sales

Apple has announced a 50 per cent increase in iPhone sales despite chip shortages disrupting global supply chains in its quarterly report.

The tech company’s flagship product beat analysts’ expectations of $34.04 billion, instead bringing in $39.57 billion worth of revenue.

There were concerns leading up to the results that the worldwide chip shortage would affect iPad and Mac sales however sales of both products were higher than a year ago.

Mac sales climbed by 16 per cent after the company relaunched the product using chip designs from British semiconductor manufacturer Arm.

iPhone sales results weren’t the only thing for the company to celebrate as it posted a third straight record setting company-wide profit despite numerous concerns and probes from competition authorities.

READ MORE: Apple is launching its own ‘buy now, pay later’ service for all Apple Pay purchases

The tech giant is facing growing challenges from regulators over its lucrative digital services division which includes its music-streaming service Apple Music and its App Store.

Its services revenues climbed 33 per cent to a record $17.5 billion, making it Apple’s most important area after the iPhone which makes up 50 per cent of its sales.

Apple said its net income almost doubled to $21.7 billion (£15.6 billion) and revenues leapt by 36 per cent to $81.4 billion as Tim Cook’s company capitalised on consumer demand as working from home became the new normal.

The company’s results came as both of its rivals Google and Microsoft also posted record financials as big tech continue to win.

The three tech companies generated $189.4 billion in revenue during the latest quarter, a 39 per cent increase on the same period the year before and $15 billion more than experts estimated.

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