Apple Inc. (NASDAQ:AAPL) has reported blockbuster results and announced that its quarterly revenue topped $100 billion U.S. for the first time, fueled by strong holiday sales of the new iPhone 12.
Apple reported that its sales jumped 21% to $111.4 billion U.S. in the period ended December 26, the Cupertino, California-based technology company said on Thursday after markets closed. Analysts, on average, had expected revenue of $103.1 billion U.S., according to data compiled by Bloomberg News. Apple’s profit was $1.68 U.S. a share, also topping Wall Street estimates.
For the fourth quarter in a row, Apple didn’t provide a revenue forecast for the current period. The company previously cited uncertainty from the COVID-19 pandemic in choosing not to provide forward sales projections.
Expectations have been high for Apple since it unveiled its 5G enabled iPhone 12 and with suggestions of a new iPhone “super cycle.” Apple also recently introduced other new devices, including an updated Apple Watch, and demand increased for iPads, Mac computers and services from consumers working and studying from home during the pandemic.
As expected, Apple’s revenue was propelled by the iPhone 12, the first iPhone line to include four new models and 5G capabilities. Handset sales for the quarter came in at $65.6 billion U.S., easily beating Wall Street estimates of $60.3 billion U.S.
