Apple reported second-quarter financial results last night, and again, they’re stratospheric: year-over-year revenue up 36% to $81.4 billion to beat Wall Street forecasts by a considerable margin.

While all divisions performed strongly, you won’t be surprised to learn that sales of iPhones stood out above the rest and were accompanied by another record revenue from services that Apple handles like nobody’s business and a subscription offering that is set to be a model for future revenue growth.

“Our record operating performance in the June quarter included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time record for our installed base of active devices,” explained Apple CFO Luca Maestri. Apple has generated $21 billion in operating cash flow and delivered $29 billion to shareholders as it continues to make “significant investments to support our long-term growth plans.

iPhone Sales: A Gold Mine

Apple is back where it used to be, selling mobiles “like hotcakes” once the 2019 sales hiatus is over and like the rest of the companies in its sector, “taking advantage” of the pandemic to increase sales across the technology spectrum. Revenue from smartphone sales rose dramatically to total $39.5 billion, almost half of the company’s total business. The biggest increases were in China and the Americas.

The iPhone 12 series is selling at a brisk pace despite a typically tepid second quarter as consumers await the launch of the next generation (iPhone 13) in September. The diversity of the line; the new camera system; the A14 Bionic chip; the LiDAR technology and especially the general support of the entire line to 5G, have convinced users.

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ventas de iPhones

Connected to device sales, Apple has continued to grow its service offerings to the multi-billion dollar App Store, including Music, TV+, iCloud, Arcade, News+ and Fitness+. The company clearly sees subscriptions as the future of its revenue model and its services division posted 33% growth to 17.5 billion in revenue.

The rest of Apple’s business also shined, though it continues to be overshadowed by sales of iPhones:

  • Revenue from Mac computer sales rose 16% to $8.23 billion.
  • Revenue from iPad tablet sales rose 12% to $7.4 billion.
  • Revenues from the wearables, home and accessories divisions increased 36% to $8.8 billion.

Spectacular figures. With a profit level unmatched by any other tech company and a market value approaching $2.45 trillion, the big question is whether Apple can continue to grow. The company’s stock is up 13% so far this year.

Tim Cook was cautious on forecasts for the next quarter because of concerns that the rise in COVID cases could hurt the economy and because of component shortages that have been going on for too many months now. All in all, spectacular Apple and iPhones that continue to be a gold mine.