Apple sales crush estimates on surging device demand

Apple Inc. reported quarterly revenue that crushed Wall Street expectations, fueled by sales of the 5G iPhone 12 line and purchases of iPads and Macs as people continued to work and learn from home.

The Cupertino, California-based technology giant reported fiscal second-quarter sales of $89.6 billion, up 54% from the same period in 2020. Analysts, on average, estimated $77.3 billion, according to data compiled by Bloomberg. Profit was $1.40 a share, also easily topping Wall Street forecasts.

“iPad and Mac sales nearly doubled, showing the strength of the PC market and education channels,” said Shannon Cross, an analyst at Cross Research. “These results also show their control over the supply chain and their ability to outmanoeuvre competitors.”