Despite the pandemic, Apple has been relentlessly upgrading its product lineup for most of the past two years, and its actions have undoubtedly achieved results. The company just announced its financial results for the third quarter of its fiscal year (for normal people, from April to June), and the company made an amazing amount of money. The revenue of all its product divisions (iPhone, Mac, iPad, services and wearable devices/home/accessories) grew year-on-year, with total revenue reaching US$81.4 billion. As always, iPhone revenue of $39.6 billion accounted for almost half of this figure.
Quarterly revenue increased by 36% year-on-year, so profits also increased substantially-in fact, almost doubled. Apple reported net income of 21.7 billion U.S. dollars, a year-on-year increase of 93%.
As mentioned earlier, all of Apple’s product categories grew last quarter, but the biggest winner was the iPhone. Revenue increased by 50% year-on-year, and it is clear that the iPhone 12 series is a huge success for the company. Apple’s services division continued to explode; revenue of $17.5 billion increased by 33%, and revenue in this category was more than twice that of any other division of Apple, with the exception of the iPhone, obviously.
The company’s “Wearables, Home and Accessories” group conflated Apple Watch with devices such as HomePod mini and the new AirTags. It grew by 36% and had revenue of $8.8 billion. Mac and iPad grew moderately. Mac revenue increased 16% year-on-year to US$8.2 billion, and iPad revenue increased 12% to US$7.4 billion. Although the number of Macs is not as shocking as the service context Mac’s move seems to have helped spur some big growth.
As usual, Apple CEO Tim Cook is in a conference call with investors-we will update this story with whatever we learn.
All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you purchase goods through one of these links, we may earn member commissions.