Apple Q3 Earnings: Profit, revenue beat estimates as iPhone recovery continues

Apple Inc. (NASDAQ: AAPL) on Tuesday published its third-quarter financial results, reporting stronger-than-expected numbers. Both sales and net profit increased in double digits as iPhone sales continued to recover from the recent slowdown.

The Cupertino-based gadget giant said its third-quarter sales jumped 36% from last year to $81.4 billion. The growth was driven by a 50% surge in the sales of iPhone, the company’s flagship product. The top-line also came in above the consensus estimates.

Read management/analysts’ comments on Apple’s Q3 report

During the three-month period, net profit climbed to $21.7 billion or $1.30 per share from $11.3 billion or $0.65 per share in the third quarter of 2020, surpassing Wall Street’s expectations.

“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” said Apple’s CEO Tim Cook.

After an upbeat start to the year, Apple’s shares made strong gains and hit an all-time high earlier this month. The stock closed Tuesday’s regular trading lower.

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