iPhones are flying off shelves, and Apple’s raking it in – CNET

Apple computers

James Martin/CNET

The holidays are when Apple shines, with eager fans snapping up new iPhones, iPads and, last year, new Mac computers with specialized processing chips too. The first three months of the year though are when things cool a little bit, and this year Apple didn’t even have a major product announcement until last week’s AirTags, iMac and iPad Pro event.

That didn’t stop Apple fans from snatching up the company’s latest iPhone, the iPhone 12.

In the three months of Apple’s fiscal second quarter ending in March, Apple notched $47.9 billion in sales of iPhones, up 65% from the year prior. Its iPads and Macs performed well too, each rising more than 70% when compared to last year.

“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” Apple CEO Tim Cook said in a statement. He’s expected to discuss more details about the company’s results on a conference call with analysts later Wednesday.

All told, Apple said it notched profits of $23.6 billion, more than double what it was the same time last year.  That translates to $1.40 per share in profit, off $89.6 billion in overall revenue, which itself was up 53% from the $58.3 billion reported last year. It also blew way past analyst estimates, which were 99 cents in profit per share on $77.4 billion in sales for the three months ended in March, according to surveys published by Yahoo Finance.

The company’s stock closed regular trading down nearly 1% to $133.58 per share. The company’s shares have risen about 3% so far this year.

Apple’s results mark the latest in a confluence of two things happening in the last year during the coronavirus pandemic The iPhone 12, with its new design and 5G wireless technology, appears to have drawn people’s attention. People meanwhile have turned to Mac computers and iPad tablets meanwhile to help with learning and working at home, a trend that’s happening across the tech industry. Apple said its Mac computers reported their best quarterly revenue ever Wednesday.

Apple’s Macs in particular have also drawn attention over their new M1 chips, designed by in-house engineers, to replace the Intel microprocessors the company had relied on before.

As the US has grappled with rising coronavirus cases across the country, the US government has enacted further stimulus efforts, and President Joe Biden is expected to unveil even more financial help for lower and middle class Americans in a speech later Wednesday.

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