Apple has posted surprisingly strong Q3 2021 earnings with $81.43 billion USD (about $102.5 billion CAD) in revenue despite this historically being a slow quarter for the company regarding iPhone sales.
This is a 36 percent year-over-year increase and an all-time record for the tech giant’s earnings in June. Further, this revenue surpasses analysts’ expectations of $73 billion USD (roughly $92 billion). In regards to net profit, Apple took home $21.7 billion USD (about $23 billion CAD).
Overall iPhone sales are up 50 percent year-over-year at $39.57 billion USD (approximately $49 billion CAD), likely due to the iPhone 12 lineup being Apple’s first 5G-capable smartphones and the first time the company has refreshed the device in several years. Services revenue, which includes platforms like Apple TV+, Apple Music, iCloud and more, is up 33 percent year-over-year at $17.48 billion USD (roughly $22 billion CAD).
On the Mac side of things, earnings are up 16 percent year-over-year at $8.24 billion USD (about $10 billion CAD), likely due to the introduction of the M1-powered iMac and the work-from-home reality of the pandemic.
iPad revenue received the lowest gain at 12 percent year-over-year and $7.37 billion USD (approximately $9.2 billion CAD) in revenue. Finally, Apple’s ‘Other Products’ category that includes the Apple Watch, AirPods and accessories earned $8.76 billion USD (roughly $11 billion CAD), an increase of 40 percent year-over-year.
Similar to previous quarters amid the ongoing COVID-19 pandemic, Apple didn’t offer earnings expectations for the next quarter.
“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” said Tim Cook, Apple’s CEO, in a recent press release. “We’re continuing to press forward in our work to infuse everything we make with the values that define us — by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal, and engaging in the urgent work of building a more equitable future.”
Apple’s next iPhone will likely launch this September. Rumours indicate the high-end “Pro” models of the smartphone will feature a 120Hz screen, with the entire lineup coming equipped with better camera performance and a reduced notch cutout.