The pandemic sent people buying Mac and iPad in huge numbers. The stock jumped as much as 6.3% in extended trading.
Apple reported record quarterly results on Thursday, defying supply chain disruptions and economic downtrends brought on by the COVID-19 pandemic, but also said the launch of new iPhones will be delayed by "a few weeks".
For the three months ended June 27, the USA handset giant posted 11% year-over-year total revenue growth to $59.7 billion, a record for a June quarter.
"Apple's record June quarter was driven by double-digit growth in both Products and Services and growth in each of our geographic segments".
With 60 per cent of sales coming from worldwide markets, the Cupertino, California-based company posted iPhone revenues of US$26.42 billion, US$4 billion above analyst expectations, according to IBES data from Refinitiv.
While I am sure some people will accuse me of being pedantic, the iPhone 12 isn't delayed, because technically, it never had a release date. That growth was due in part to a strong launch of the new iPad Pro (2020) and the MacBook Air.
This year's iPhones are expected to feature a new design as well as being the first with 5G technology.
In a conference call following blowout earnings, CFO Luca Maestri said that supply of the new iPhones will come "a few weeks later" than past year, when the new models went on sale in late September. Chief Executive Officer Tim Cook said that store closures related to the Covid-19 pandemic are weighing on sales of the iPhone and wearable devices more than the iPad and Mac. The company witnessed a profit of $11.25 billion, up from $10.04 billion profit the same quarter in 2019. The company said it has more than 550 million paid subscriptions and is on track to reach 600 million by year-end. The virus has also paused production of Apple TV+ shows shot in Los Angeles, the CEO added.
On Wednesday, Cook faced questions from United States lawmakers about Apple's practices related to the store, which have come under fire from independent app developers who say its rules and unpredictable approval process put them at a disadvantage against the iPhone maker.
The June quarter also included earnings per share of US$2.58, an 18 per cent increase, and a record for the company's installed base of active devices. That beat Wall Street predictions of US$6.1 billion.