Apple announced on Thursday that it recorded unprecedented sales and profits in the last quarter, surpassing Wall Street estimates, despite dealing with chip shortages and increased consumer demand for new iPhones. Sales rose by 19% in the Americas and increased by 10% in Europe and China. The company's stock climbed 2.3% in after-hours trading.
Apple's total revenue for the last quarter reached $97.3 billion, an 8.6% increase from the same period a year ago, and exceeding analysts' average estimates of $93.89 billion according to Refinitiv data. Global revenue from phone sales alone was $50.6 billion, a 5.5% rise compared to the same period last year, and above average estimates of $47.88 billion.
Service sales, Apple’s second-largest sector after iPhones, increased by 17% to $19.8 billion, surpassing the average estimate of $19.71 billion. Profits totaled $25 billion, or $1.52 per share, significantly exceeding analysts’ expectations of $23.2 billion and $1.43 per share.
Apple also announced a 5% increase in dividends to $0.23 per share and that the board approved an additional $90 billion in stock buybacks. iPad sales fell by 2% to $7.65 billion due to supply chain constraints, still higher than analysts' average estimate of $7.14 billion. Revenue from Mac computers, which also faced supply chain issues, rose by 14.7% to $10.4 billion, compared to estimates of $9.25 billion. Sales of wearables, home speakers, and accessories increased by 12% to $8.8 billion, compared to estimates of $9.05 billion.
