Apple (AAPL) Delivers Another Impressive Quarter

Apple Inc (NASDAQ:AAPL) is the most valuable technology company in the world. It was the first publicly traded U.S. company whose market capitalization hit $1 trillion in August 2018. However, it did not stop there and continued its rapid growth. In a short span of just two years, its market value skyrocketed to a record $2 trillion, once again becoming the first company to hit that milestone. Apple is best known for its iconic products such as iPhones, iPads, and MacBooks.

The smartphone giant recently announced strong financial results for the third quarter. Apple reported record earnings of $21.74 billion, or $1.30 per share for the three months ended June 26, nearly doubled from $11.25 billion, or 65 per share in the comparable period of 2020. Revenue for the quarter climbed 36 percent on a year-over-year basis to $81.43 billion. The results easily surpassed analysts’ average estimate of $1.01 for earnings and $73.34 billion for revenue.

If we look at the performance of key segments, iPhone revenue skyrocketed nearly 50 percent to $39.57 billion, iPad revenue rose 12 percent to $7.37 billion, and Mac revenue jumped 16 percent to $8.24 billion. In comparison, Apple’s services revenue soared 33 percent to $17.48 billion, while other products revenue jumped 40 percent to $8.76 billion.

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Speaking on the results, CFO Luca Maestri said, “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. 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.”

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