Apple profit doubles in quarter to $23.6 bn
San Francisco, United States: Apple reported Wednesday that income more than doubled in the previous quarter to $23.6 billion, owing to an increase in iPhone revenues and strong increases in other goods and services purchased by pandemic-affected customers.
Revenue for the fiscal second quarter was up 54 percent to $89.6 billion, according to the California behemoth.
"This quarter represents both the long-term ways our goods have helped our customers reach this moment in their own lives, as well as the excitement consumers, seem to feel about better days ahead for all of us," said CEO Tim Cook.
"Apple is in a period of sweeping innovation across our product lineup, and we're keeping the focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. "
Profits are surging as Apple and other Big Tech companies face intensified scrutiny for their domination in key economic sectors, which has grown during the pandemic.
Apple has been in the news recently for its attempts to introduce new privacy and data security for apps in its online marketplace, a step that has drawn backlash from competitors who say the iPhone maker is using the shift to favor its own services.
According to chief financial officer Luca Maestri, the latest results show "revenue records in each of our geographic segments and solid double-digit increases in each of our product categories."
Apple shares rose more than 3% in after-hours trading as a result of better-than-expected earnings.
iPhone revenue increased by 65 percent year on year to $47 billion, showing high demand for the new iPhone 12 models.
Apple also announced increases in sales of iPods, Mac computers, wearables, and accessories, as well as its suite of services ranging from digital payments to music.
According to Wedbush analyst Dan Ives, Apple is benefiting from new devices that are compatible with 5G wireless technology.
In a research note, Ives stated that the results "featured a top and bottom-line beat for the record books with the main focus on the undergoing iPhone 12 and 5G supercycle."
"We essentially view this quarter as the first half of the 5G supercycle... we are seeing order activity continue to track significantly ahead of expectations."