Saturday 28th November 2020

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  • Apple sales boosted by services growth

    Technology giant Apple, best known for its iPhones and computers, said newer lines of business such as Apple Pay, the App Store and Apple Music helped to drive growth in its third quarter.

    The services unit was what one analyst described as a “shining light” during a period with robust sales across Apple’s different product lines, including iPhones and iPads.

    The firm said quarterly revenues grew by 7% year-on-year to $45.4bn, news that sent its stock surging more than 5% in after-hours trade.

    It also forecast strong sales ahead.

    Apple is expected to release new and updated iPhones next month.

    Apple chief executive Tim Cook was tight-lipped when it came to details on the new launch and said reports about the new phones may have caused some people to “pause” their purchases of the existing phones.

    But “while that affects us in the short-term, it probably bodes well”, he added.

    Even with some people waiting for the new models, Apple said the number of iPhones sold in the quarter increased a solid 2% year-on-year, driven by strong demand in markets such as Latin America and the Middle East.

    The growth lifted revenue from iPhones, which account for the bulk of the company’s sales, by 3% to $24.8bn.

    Apple also said the number of iPads sold climbed 28% year-on-year, while revenues from the product increased 2%. The rise follows the introduction of new models, as well as increased efforts to incorporate the tablets into operations at schools and businesses.

    Revenue from other devices, such as the Apple Watch, Apple TV and Beats products, jumped 23% year-on-year.

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