Wednesday 28 April 2021 9:42 pm

Demand for new iPhone sees Apple post record quarterly revenue

Apple has posted record quarterly revenue on surging demand for new iPhone and pandemic-induced buying for its other profits.

Revenues more than doubled from $23.6bn to $89.6bn this quarter. Apple earned $1.40 per share, beating expectations of 99 cents.

It follows a record performance in the first quarter when the company broke the $100bn quarterly mark for the first time. 

Read more: Spotify launches podcast subscriptions as Apple rivalry heats up

“After the stellar last three months of last year that Apple had, it’s clear that this long-term strategy of diversification is working well as Services revenue continues to grow rapidly,” Tom Johnson, Chief Transformation Officer at Mindshare Worldwide said.

Sales to China nearly doubled with $6.5bn more in ipHone sales than predicted and Mac sales about a third higher than analysts expected.

Apple is diversifying its revenue streams having recently announced it would launch its own premium subscription service for podcasts, allowing listeners to access additional content and ad-free listening. Creators will be charged $19.99 per year for using the service.

But the tech heavyweight has come under pressure this week from antitrust regulators who are further investigating a complaint made by Spotify in 2019. The European Commission is reportedly set to outline formal charges this week.

Read more: Google owner Alphabet beats revenue expectations as ad spend recovers

Tech earnings have so far been mixed this week with analysts reacting fairly negatively to Microsoft results despite the company beating Wall Street expectations. 

However Google owner Alphabet sent the S&P 500 higher this afternoon after a strong performance in the quarter and adding $50bn more to its buyback programme.