Apple sees better-than-expected sales, profit on strong demand
Apple Inc posted better-than-expected sales and profits on Wednesday. The increase could be attributed to a surge in 5G iPhone upgrades. However, the company set a weak outlook as a shortage in chip production across the globe would likely drag iPads and Mac sales.
In China, the company’s second-quarter sales doubled as results topped analyst targets in every category. This was mainly from a $6.5 million increase in iPhone sales, with Mac sales also surging three times larger than what was expected.
iPhones were the primary driver of growth as the company’s sales surged $89.6 billion. Profit, on the other hand, was quoted at $1.40 per share. The figures came larger than the initial estimate worth $77.4 billion and 99 cents per share, data from Refinitiv showed.