Apple Records a Net Quarterly Profit of $21.7 Billion

This year during the earning reports Apple had a string of record-breaking earning. The company posted a strong fiscal third quarter of $81.43 billion in revenue, which is a year-over-year increase of 36 percent. It is a new all-time record for the June quarter. It has also crushed the $73 billion figure that analysts had prophesized. Apple recorded a net quarterly profit of $21.7 billion.

Traditionally the June quarter is one of the slower periods for iPhone sales. During this the consumer interest shifts toward the Apple next release in September. But this time the sales were still impressively up by nearly 50 percent as compared to this time a year ago; reflecting continued momentum for its first 5G smartphones. Mobile carriers with their various promotions and discounts and offers have also pushed the iPhone 12 lineup.

iPhone sales up nearly 50%

There are rumors that Apple is also expected remove the notch cutout on this year’s iPhones. This year Mac sales also soared by 16.3% and iPad sales by 11.9%. CEO Tim Cook said that the Mac had its best June quarter ever, and the iPad’s was its best in “nearly a decade.” The recent releases by Apple i.e. 24-inch iMac, updated iPad Pro using M1 chip, are ranked among the most powerful hardware the company has ever released.

The iPhone company continues to focus heavily on its services, which also hit an all-time revenue high in the quarter. To further improve and continue fueling Apple Music’s growth, it also released a new lossless streaming tier and Dolby Atmos spatial audio for its premium music service. And Apple launched podcast subscriptions and channels last month. By the fall the Beta testing is underway for Apple software updates i.e. iOS 15, iPadOS 15, tvOS 15, macOS Monterey and watchOS 8 updates will be officially released.

Apple still has to face the scrutiny over antitrust concerns and the company’s commanding influence over the iPhone’s App Store. Elon Musk CEO of Tesla took an opportunity to criticize iPhone company for its “walled garden” while it was his company’s quarterly earnings call. He said that he thinks they do want to emphasize that their goal is to support the advent of sustainable energy; It is not to create a walled garden and use that to bludgeon our competitors which is used by some companies.

Musk then faked a cough and said “Apple.”

Also Read: Elon Musk Picks on Apple During Tesla Earning Call