Tech Giant Apple Reached Phenomenal Results

Tech Giant Apple Reached Phenomenal Results

One of the most well-known tech companies in the world reported strong fiscal third-quarter earnings on Tuesday. Apple once more showed that it has the capability to reach great results. Every one of the tech giant’s main product lines grew over 12% on an annual basis. Overall, the company’s sales were up 36% from the June quarter last year. iPhone sales rose nearly 50% on an annual basis.

 The Cupertino-based company had a strong quarter in its Greater China region. The region includes Taiwan and Hong Kong in addition to the mainland. It reported $14.76 billion in sales in the region, up from 58% from the same quarter in 2020. But it was not an easy comparison given China was in stages of lockdown during the quarter.

 Americas sales jumped nearly 33% year-over-year to $39.57 billion.

 Apple and main findings

 The tech giant did not provide formal guidance for the sixth consecutive quarter and hasn’t since the beginning of the Covid-19 pandemic. Nonetheless, the company’s CFO Luca Maestri said Apple expects double-digit, year-over-year growth in the current quarter. The company expected less than 36% growth in the September quarter because of foreign exchange rates according to Maestri. He also mentioned other factors such as less growth in its services business as well supply constraints for iPhones and iPods.

 Apple CEO Tim Cook addressed one very important issue in a call with analysts. Cook mentioned that the company is seeing supply constraints related to computer chips. Problems created by a lack of computer chips would affect Apple’s iPhone and iPad sales in the September quarter.

 Its quarter which ended in June is usually one of its slowest of the year, but Apple benefited from work-at-home and remote schooling trends. Cook highlighted that the success wasn’t just because of Apple customers upgrading their old iPhones, but also Android users buying their first iPhones. 

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