Hardware sales propel tech giant Apple to bumper Q2 results

Apple has announced record results for the second quarter of the 2021 financial year. 

It continues a theme we’ve seen throughout this week, with companies riding high on the back of a COVID-19-caused technology boom.

Beating expectations, the tech giant’s record quarter saw sales up 53.7% compared to last year, significantly beating expectations to reach $89.58bn. Sales were up across its product categories, with the standout being iPhones, Macs and iPads, up 65.5%, 70.1% and 79% respectively.

Thriving in the face of COVID-19

Apple itself has noted the bump caused by lockdowns, as businesses and consumers buy tech to cope, but it also suggested it wasn’t expecting numbers to drop as economies open back up.

“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” said Tim Cook, Apple’s CEO. “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world.”

Continued growth in services

It comes despite continuing concerns in the technology industry about a chronic lack of computer chips - with Cisco’s CEO recently telling the BBC it would last at least another six months.

Remedying that hardware fear was continued success for the company’s growing services sector, which includes the company’s AppleTV+ streaming proposition. Luca Maestri, Chief Financial Officer, said: “The key drivers for our services business all continue to move in the right direction. First, our installed base growth has accelerated and reach an all-time high across each major product category. Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the March quarter, with paid accounts increasing double digits in each of our geographic segments.”

(Image: Apple)