Apple reported on Thursday (30) unexpected increases in quarterly revenue and iPhone sales, driven by strong demand in the Americas and Europe, as isolation measures in the pandemic were eased and consumers returned to spending on their products and services.
The company had results well above Wall Street expectations, reporting high annual revenue across all product categories and in all regions, including some long-overshadowed categories, such as iPads and Macs, driven by consumers working and studying from home.
The results came out on the same day that the US reported that its Gross Domestic Product (GDP) collapsed, falling 32.9% in the second quarter, the worst performance since the Great Depression.
Increase in sales
With around 60% of sales coming from international markets, Apple was immune to shocks in all markets and had revenue of $ 26.42 billion in sales of iPhones, well above analysts' expectations of $ 22.37 billion. dollars, according to IBES data from Refinitiv.
In an interview with Reuters, Chief Executive Tim Cook said that after the stoppages in April, sales began to increase in May and June, helped by what he called a "strong" launch of the $ 399 iPhone SE in April.
The results emphasized that Apple offers services and devices that attract many customers, although the company has closed many stores in the United States again. Apple saw an increase in sales of accessories like AirPods and services like the App Store.
The continued growth of services and accessories has also shown the strength of the brand, which has led investors to see it as a safe haven and boosted their actions since March.
Apple's revenue and earnings for the quarter were $ 59.69 billion and $ 2.58 per share, respectively, compared with analysts' expectations of $ 52.25 billion and $ 2.04 per share, according to data from Refinitiv.
Sales by segment
Sales in the services segment, which also include products like iCloud and Apple Music, increased 14.8% to $ 13.16 billion, from $ 11.46 billion a year ago and analysts' expectations of $ 13.18 billion . Cook told Reuters that Apple has 550 million paid subscribers on its platform, up from 515 million in the previous quarter.
Sales in the wearable device segment, which includes the Apple Watch, increased 16.7%, to $ 6.45 billion, compared with 5.53 billion a year ago and above estimates of 6 billion, according to data from Refinitiv.
Apple benefited from remote work and increased online classes, reporting sales in the iPad and Mac segments of $ 6.58 billion and $ 7.08 billion, respectively, against expectations of 4.88 billion and 6.06 billion .
"Both (the segments) had some really significant product announcements in late March, early April. I think we have the strongest product line we've ever had in both areas," said Cook. "You combine that with work and remote study, and it produces really strong results."