iPhone Sales Drive Apple

Apple said Wednesday that profits surged in the final three months of the year on growing sales of iPhones and services, which lifted revenues to an all-time record.

Profit in the period ended December 26 rose 29 percent from a year ago to $28.7 billion, while revenues grew 21 percent to $111.4 billion, with international sales accounting for nearly two-thirds of sales.

Sales topped the $100 billion mark for the first time as Apple won over pandemic-hit consumers with new gadgets and services.

“We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season,” chief executive Tim Cook said.

Apple said iPhone sales accounted for nearly $66 billion, leading all other products and growing some 18 percent.

But the tech giant also saw strong growth in wearables, including its Apple Watch, delivering $12.9 billion in sales for that category in the company’s fiscal first quarter.

Services accounted for $15.7 billion as Apple grew sales of music, digital content, cloud computing and subscriptions.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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