Apple reported its third-quarter results, turning in a record quarter and smashing expectations.
All eyes were on Apple, especially given how much the company has been impacted by the global semiconductor shortage. It appears the company has managed to navigate the shortage better than expected, and has the results to match.
Apple reported $81.4 billion, up 36% year over year, representing $1.30 per share earnings. In comparison, the company was expected to turn in $73.3 billion, or $1.01 per share.
iPhone sales grew 50% from last year, something analysts look for, given how important the iPhone is to the company’s bottom line. The company’s services business — which analyst have been watching as a way for the company to diversify its income beyond the iPhone — grew 33% to $17.49 billion. The growth was driven by the company’s 1.65 billion installed devices.
“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” said Tim Cook, Apple’s CEO. “We’re continuing to press forward in our work to infuse everything we make with the values that define us — by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal, and engaging in the urgent work of building a more equitable future.”
“Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “We generated $21 billion of operating cash flow, returned nearly $29 billion to our shareholders during the quarter, and continued to make significant investments across our business to support our long-term growth plans.”