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,” 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
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.”
The Online Safety Bill: What is it and what does it mean?
New internet laws will be published today in the UK in the draft Online Safety Bill to protect children online and tackle some of the worst abuse on social media, including racist hate crimes.
The draft legislation, which was previously known as the Online Harms Bill, has been two years in the making. Some new additions to the bill include provisions to tackle online scams, such as romance fraud and fake investment opportunities.
What does it include?
The draft Bill includes changes to put an end to harmful practices and brings in a new era of accountability and protections for democratic debate, including:
New additions to strengthen people’s rights to express themselves freely online, while protecting journalism and democratic political debate in the UK.
Further provisions to tackle prolific online scams such as romance fraud, which have seen people manipulated into sending money to fake identities on dating apps.
Social media sites, websites, apps and other services hosting user-generated content or allowing people to talk to others online must remove and limit the spread of illegal and harmful content such as child sexual abuse, terrorist material and suicide content.
Ofcom will be given the power to fine companies failing in a new duty of care up to £18 million or ten per cent of annual global turnover, whichever is higher, and have the power to block access to sites.
A new criminal offence for senior managers has been included as a deferred power. This could be introduced at a later date if tech firms don’t step up their efforts to improve safety.
Digital Secretary Oliver Dowden said: “Today the UK shows global leadership with our groundbreaking laws to usher in a new age of accountability for tech and bring fairness and accountability to the online world.
“We will protect children on the internet, crack down on racist abuse on social media, and through new measures to safeguard our liberties, create a truly democratic digital age.
The draft Bill will be scrutinised by a joint committee of MPs before a final version is formally introduced to Parliament.