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Apple made $111B sale record amid pandemic

|| shiningbd

Published: 15:45, 28 January 2021   Update: 15:52, 28 January 2021
Apple made $111B sale record amid pandemic

Apple sales have hit another record, as families loaded up on the firm`s latest phones, laptops and gadgets during the Christmas period.

Apple sales have hit another record, as families loaded up on the firm's latest phones, laptops and gadgets during the Christmas period.

Sales in the last three months of 2020 hit more than $111bn (£81bn) - up 21% from the prior year. The gains come as the pandemic pushes more activity online, fuelling demand for new technology. Apple now counts more than 1.65 billion active devices globally, including more than 1 billion iPhones.

Apple's gains follow the release of its new iPhone 12 suite of phones, which executives said had convinced a record number of people to switch to the company or upgrade from older models.

The firm said growth in China - where the pandemic has already loosened its grip on the economy - was particularly strong, helped in part by demand for phones compatible with new 5G networks. Sales in the firm's greater China region, which includes Hong Kong and Taiwan, jumped 57%. In Europe, sales roles 17%, and they rose 11% in the Americas.

"The products are doing very well all around the world," said Luca Maestri, Apple's chief financial officer. "As we look ahead into the March quarter, we've very optimistic." Analyst Dan Ives of Wedbush Securities said he thought the firm was just at the beginning of a "super-cycle" as Apple devotees finally trade in old phones, coinciding with upgrades to telecommunications networks.

"With 5G now in the cards and roughly 40% of its 'golden jewel' iPhone installed base not upgrading their phones in the last 3.5 years, [Apple chief Tim] Cook & Co have the stage set for a renaissance of growth," he wrote.

Shiningbd/MB