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Apple Reports Quarter 2 Sales and Revenue

Apple reported another blowout quarter on Wednesday. It announced that company sales are up 54% higher than last year, and significantly stronger profits than Wall Street expected. The company’s stock rose over 4% at one point in extended trading.

Apple reported double-digit growth in every single one of its product categories. The iPhone was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis. The company also added thatthey would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019’s $75 billion.

According to the Refinitiv estimates, the Earnings per share (EPS) $1.40 vs. $0.99 estimated. The revenueIs $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-year. The iPhone revenue is $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-yearThe analysts also estimated the Services revenue $16.90 billion vs. $15.57 billion estimated, up 26.7% year over year.Refinitiv estimated the revenue from Other Products as $7.83 billion vs. $7.79 billion estimated, up 24% year-over-year. The revenue obtained from Mac is $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-year. The iPad revenue $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-year. TheGross margin is 42.5% vs. 39.8% estimated

This is Apple second quarter in a row with double-digit growth in all product categories. Luca Maestri, CFO of Apple told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.The company in the past months said that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. The strong results in the quarter suggest that the trend may persist as more economies open up.

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