Apple Inc. (NASDAQ:AAPL) reported that its quarterly revenue rose 54% from the same period of 2020 due to strong sales of its 5G-enabled iPhone 12, iPad tablets and Mac computers.
The Cupertino, California-based technology company reported fiscal second-quarter sales of $89.6 billion U.S., up 54% from a year earlier. Analysts, on average, had expected revenue of $77.3 billion U.S. in the quarter.
Apple’s quarterly profit came in at $1.40 U.S. a share, also topping Wall Street forecasts.
The world’s largest technology company has mostly thrived during the pandemic as people work and learn from home, driving demand for iPhones, iPads and Mac computers.
"This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us," Apple Chief Executive Officer Tim Cook said in a news release.
Apple’s stock rose 2% in extended trading after the company reported its quarterly results. Year-to-date, the shares have lagged behind other big technology companies. However, Apple announced that it is increasing its dividend by 7% and increasing its share buyback program by $90 billion U.S.
As it has been its practice for the past several quarters, Apple did not provide a forecast for the current quarter. On a call with analysts the company said supply constraints will lessen its revenue by as much as $4 billion U.S. in the June quarter.
