Gadget giant Apple Inc. (NASDAQ: AAPL) Thursday said its third-quarter revenues increased 11% supported by a rebound in the sales of iPhone, despite the COVID-related supply chain disruption and macro pressures. The results topped the market’s expectations.
Sales of iPhone, the company’s flagship product, moved up 2% from last year to $26.4 billion in the June-quarter. At $59.69 billion, total revenue was up 11%, which also came in above the estimates.
The tech firm recorded net income of $11.25 billion or $2.58 per share during the three-month period, compared to $10.04 billion or $2.18 per share last year. It was better than the outcome analysts’ had predicted.
Apple’s stock climbed to an all-time high this month, after setting new records consistently in the past. Its value has increased 88% since last year. The stock made strong gains on Thursday evening, soon after the earnings report.
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