There is no holding back Apple as revenues top $100b for first time

San Francisco: Apple profits surged in the final three months of the year on growing sales of iPhones and services, which lifted revenues to an all-time record. Profit in the period ended December 26 rose 29 per cent from a year ago to $28.7 billion, while revenues grew 21 per cent to $111.4 billion, with international sales accounting for nearly two-thirds of sales.

Sales topped the $100 billion mark for the first time as Apple won over pandemic-hit consumers with new gadgets and services. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season,” chief executive Tim Cook said.

Apple said iPhone sales accounted for nearly $66 billion, leading all other products and growing some 18 per cent. But the tech giant also saw strong growth in wearables, including its Apple Watch, delivering $12.9 billion in sales for that category in the company’s fiscal first quarter.

Services accounted for $15.7 billion as Apple grew sales of music, digital content, cloud computing and subscriptions.