Apple posts bumper sales

Apple

Apple sales have surged to $90bn (£65bn) during the first quarter of 2021.

Revenue was up 54% for the first three months of 2021 as demand in China grew and people in lockdown bought more iPhones and laptops.

Sales in China doubled year-on-year, Mac computer sales were a third higher than analyst expectations and iPhone sales were $6.5bn higher than expected.

Rod Hall, at Goldman Sachs, wrote in a research note: “Current high levels of both iPad and Mac demand are unlikely to be sustainable as the world reopens, so another beat driven more by these areas may not be enough to drive the shares further.”

“Where this pandemic will end, it seems like many companies will be operating in a hybrid kind of mode,” he added.

Tim Cook, Apple’s CEO, commented on the bumper set of results: “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’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock, an increase of 7%.