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.
Benchmark stock indexes pared their recent gains early this week amid elevated inflation concerns, but regained a part of the momentum later aided by recovery in tech stocks. The Dow
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Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and