Apple Profits Beat Expectations, iPhone Sales Rose More Than 50%

Apple reported strong earnings for the three months ending June 30 and Tuesday, July 27, and each of Apple’s major product lines grew more than 12% year-over-year.

Apple sales are up 36% from the June quarter of last year, and iPhone sales are up nearly 50% year over year.

Earnings per share were $1.30 versus $1.01 expected, while revenue was $81.41 billion versus $73.30 billion expected, up 36% year-on-year.

iPhone revenue was $39.57 billion versus an estimated $34.01 billion, up 49.78% year-over-year.

Services revenue came in at $17.48 billion versus an estimated $16.33 billion, up 33% year-on-year, while other product revenue was $8.76 billion versus an estimated $7.80 billion, up 40% year-on-year.

Mac revenue was $8.24 billion versus $8.07 billion estimated, up 16% year-over-year, and iPad revenue was $7.37 billion versus $7.15 billion estimated, up 12% year-over-year.

Apple also had a strong quarter in the Greater China region, which includes Taiwan and Hong Kong as well as the mainland — Apple reported $14.76 billion in sales in the region, up 58% from the same quarter last year, although it was an easy comparison. Given that China was in lockdown phases this quarter.

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

Apple’s June quarter was usually its slowest of the year, but the company benefited from work-at-home and remote education trends that boosted sales of premium PCs.

CEO Tim Cook stated that the success was not only because people upgraded their old iPhones, but also because Android customers bought their first iPhone.

The quarter for Apple could have been better if it hadn’t dealt with a supply shortage likely linked to a global chip shortage, which has mostly affected Mac and iPad sales.