Apple reported that its sales in the last three months of 2020 surged on the growing sales of iPhones and services. The company’s sales topped $100 billion, an all-time record high.
The iPhone manufacturer recorded a 29 percent profit in December to $28.7 billion and a 21 percent revenue growth to $111.4 billion. International sales accounted for at least two-thirds of the sales with greater China accounting for sales worth $21.3 billion, up from $13.6 billion a year ago. The Americas region accounted for sales worth $46.3 billion, up from $5 billion a year ago.
“We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season,” chief executive Tim Cook said.
Apple said iPhone sales grew 18 percent to about $66 billion, leading all other products.
“This strength in iPhone sales provides evidence for Apple bulls that another iPhone supercycle may be in the cards,” Dan Morgan, a senior portfolio manager at Synovus Trust Company.
The company further recorded iPad sales of $8.44 billion, an increase from a $7.58 billion projection. Mac sales were $8.68 billion, just a little under the projected $8.86 billion.
The tech giant recorded increased sales in wearables, including the Apple Watch, accounting for $12.9 billion in sales for the category in the company’s first fiscal quarter.
Apple services including sales of music, digital content, cloud computing, and subscriptions grew to deliver $15.7 billion in sales out of the total figure.