04/29/2021

Apple Inc on April 28 posted sales and profits far ahead of Wall Street expectations and announced a US$90 billion share buy-back as customers continued to upgrade to 5G.

Apple has seen sales of its phones, apps and other devices rise throughout the pandemic, as consumers spent more time working, shopping and seeking entertainment online. Customers continued to upgrade to Apple's new 5G phones which were rolled out last year, and also bought Mac computers and iPads to tackle working and studying from home, the firm said.

Sales and profits were US$89.6 billion and US$1.40 per share for the quarter, compared with estimates of $77.4 billion and 99 cents per share

iPhones and snapped up new Mac models with Apple’s house-designed processor chips.

Sales to China nearly doubled and results topped analyst targets in every category, led by US$6.5 billion more in iPhone sales than predicted and Mac sales about a third higher than estimates. Profit was $23.6bn, up from $11.3bn for the same period last year.