Tuesday 27 July 2021 10:20 pm

Apple posts record quarterly revenue on China sales and iPhone demand

Apple has beat analysts’ expectations and posted record quarterly revenue on surging demand for premium versions of its iPhones, subscription services, and strong China sales growth.

Revenues grew by more than a third to $81.4bn this quarter, up 36 per cent from last year and driven by better-than-expected iPhone sales.

This beat analyst expectations of $73.3bn, as did Apple’s earnings per share of $1.30 per share, which beat estimates of $1.01, according to IBES data from Refinitiv.

It follows record performance in the first and second quarters, when the company broke the $100bn quarterly mark for the first time and then hit $89.6bn.

Apple’s sales to China grew 58 per cent to $14.76bn – the company’s strongest sales performance of the quarter. Chief Executive Tim Cook told Reuters this was driven by Chinese customers buying up accessories such as the Apple Watch to pair with their iPhones.

The tech giant’s results received mixed investor reactions, as shares rose and then dipped slightly in after-hours trading, declining 0.4 per cent.