Apple announces company-wide sales are up 54% compared to last year
- Apple has reported revenue is up 54% over last year.
- Apple stock has risen over 4%.
- The App Store has been an economic game-changer for Apple, according to the company.
Apple announced on Wednesday that the company-wide sales are up 54% when compared to last year.
Along with that, Apple stock has risen 4% over the last year to a market cap of $2.241 trillion. Apple has been reporting double-digit growth in every single one of their product categories.
Pretty much almost every single product category that Apple has is up in the double digits for sales; iPhone is up 65.5% compared to last year, as with the iMac and iPad — which are both up 71% and 79% on an annual basis, respectively.
Apple says most of their sales have been boosted by the pandemic, as consumers and businesses have been buying computers to work and entertain themselves while either at home or socially distancing at work.
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 — Apple CEO, Tim Cook
Apple says a big boost was mostly in the Mac line — and this only happened because the sales have been mostly fueled by the announcement of the new M1 chips, instead of processors developed by Intel.
This also falls in line with the iPad, as they just announced that the iPad will now use the M1 chip. Of course, this tablet has just been released, so we don't yet know how the sales are going to perform compared to previous iPad models.
However, the App Store has recently been challenged by lawmakers and big companies like Fortnite — who say it costs far too much and that the company has too much power. A trial is scheduled to begin next week.
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