Apple profit nearly doubles as lockdowns eased

Apple profit nearly doubles as lockdowns eased

SAN FRANCISCO: Apple said Tuesday its profit in the just-ended quarter nearly doubled amid improving consumer spending and a "growing sense of optimism" as pandemic lockdowns eased. The California tech giant's profit rose to $21.7 billion on growth in iPhone sales and its increasingly important digital services. Revenue surged 36 percent from a year ago to $81.4 billion, the best ever for the tech titan's fiscal third quarter. "This quarter saw a growing sense of optimism for consumers in the United States and around the world, driving renewed hope for a better future," chief executive Tim Cook told a conference call.

"We are especially humbled that our technology has continued to play a key role in keeping our customers connected." Cook said an easing of pandemic lockdowns helped boost consumer spending in many parts of the world, with Apple benefitting from that. He maintained that Apple can continue to grow as consumers seek new devices for superfast 5G wireless networks. "We're only in the early innings of 5G, but already its incredible performance and speed have made a significant impact on how people can get the most out of our technology," he said.

"Customers love iPhone 12 for its superfast 5G speeds."