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Apple profit soars in latest quarter on higher iPhone sales

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Demand for the iPhone drove Apple's profits to more than double in the January-March period as the tech giant continued to capitalize on smartphone addiction.

Profits came to $23.6 billion, or $1.40 per share, while revenue climbed 54% to $89.6 billion in the fiscal second quarter, the company said Wednesday.

Analysts polled by FactSet expected 99 cents per share on $77.1 billion in sales. The iPhone, Apple’s crown jewel, hadn’t been selling quite as well in the past few years as people held on to their existing models for longer.

But the release of four iPhone 12 models last fall has unleashed purchases, and iPhone sales rose 66% to $47.9 billion on top of a holiday-season quarter when iPhone sales jumped 17%.

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
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Deaths: 459 652
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Deaths: 608 235
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