Apple’s net income doubled to $23.6bn
A dramatic increase in the number of iPhone sales has seen Apple (NASDAQ:AAPL) record its best-ever start to a year as the company enjoys renewed demand for its gadgets.
Apple’s total revenues rose by more than 50% to $89.6bn, surpassing analysts’ expectations. It was a record for Q2 as its smartphones and computers sold at unexpectedly high rates.
The FAANG company’s net income doubled to $23.6bn as strong levels of demand for Apple’s new iPhone 12 model, which was released last autumn, cemented its position. Sales of the iPhone surged by nearly 66% to $47.94bn.
Apple also announced a $90 billion share buyback, a day after Alphabet, parent company of Google, promised to repurchase $50 billion in stock.
CEO of Apple Tim Cook, said that the company swerved the chip shortage in Q2 by using up its supply buffers.
In the fiscal third quarter, the shortage could cost the company $3 billion to $4 billion in revenue, said Chief Financial Officer Luca Maestri.
Tim Cook, chief executive, added: “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, based in Cupertino, California, is one of the world’s most valuable companies with a market value of over $2.2 trillion. As well as making iPhones, iPads and Mac computers, it also provides services such as the iCloud storage library and App Store.