Apple profit soars, revenue tops $100 bn for first time

·1-min read
Apple said revenue topped $100 billion for the first time in the latest quarter, as the tech giant delivered new products and services that resonated with pandemic-hit consumers

Apple said Wednesday that profits surged in the final three months of the year on growing sales of iPhones and services, which lifted revenues to an all-time record.

Profit in the period ended December 26 rose 29 percent from a year ago to $28.7 billion, while revenues grew 21 percent to $111.4 billion, with international sales accounting for nearly two-thirds of sales.

Sales topped the $100 billion mark for the first time as Apple won over pandemic-hit consumers with new gadgets and services.

"We're gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season," chief executive Tim Cook said.

Apple said iPhone sales accounted for nearly $66 billion, leading all other products and growing some 18 percent.

But the tech giant also saw strong growth in wearables, including its Apple Watch, delivering $12.9 billion in sales for that category in the company's fiscal first quarter.

Services accounted for $15.7 billion as Apple grew sales of music, digital content, cloud computing and subscriptions.

bur-rl/sst