Apple revenues surpass $100bn after record iPhone 12 launch

Apple chief executive Tim Cook

Credit: Getty

Apple has reported record-breaking profits after enjoying the iPhone 12 became the most successful launch in its history.

The world’s biggest publicly traded company revealed a 21pc increase in revenues to $111bn (£81bn), the first time its sales had crossed the $100bn mark in a single quarter, and said profits had jumped by 29pc to $28.8bn.

Apple, which last year became the first US company to become worth more than $2 trillion, has seen unprecedented success during the pandemic, despite lockdowns closing its high street stores for much of the year.

The release of new iPhones, as well as a revamped line of MacBook laptops, has spurred growth. Its online services division — which includes TV streaming, gaming and app downloads — has also been boosted by consumers spending more time online.

Apple released its new iPhone 12 line in October, later than usual, and some models did not go on sale until November due to supply chain problems caused by the pandemic earlier in the year.

Apple sales by division

However, despite the delays it recorded its best single quarter for iPhone sales ever, with revenues from the device rising from $56bn to $65.6bn.

Sales of MacBooks grew 21pc, iPad tablets by 41pc and accessories such as the Apple Watch and AirPods headphones were up by 30pc.

Tim Cook, Apple’s chief executive, called it a “historic holiday season”, saying the company had released an “unmatched line of cutting-edge products”.

Apple’s shares have risen by more than 45pc in the last year to value the company at around $2.4 trillion and lead to predictions of it crossing the $3 trillion mark. Shares fell slightly immediately following the results.