Summary: After the US stock market closed on Tuesday (July 27), Apple released its third-quarter earnings report for the fiscal year 2021. Benefiting from strong iPhone sales, Apple's Q3 profit surged 93% year-over-year. Revenue in Greater China grew by 58%, leading all regions in growth. Looking ahead to the next quarter, Apple stated that the chip shortage issue is starting to affect the iPhone, and revenue growth will slow down.
iPhone Sales "Exploded," Apple's Q3 Profit Surged 93% Year-over-Year
Apple announced its third-quarter earnings for the fiscal year 2021: Revenue surged 36% to $81.41 billion, and net profit increased 93% year-over-year to $21.74 billion, both setting new historical records for the third quarter.
Revenue across all product lines grew at least 12% year-over-year, with iPhone delivering a stunning performance of nearly 50%. Apple CEO Tim Cook noted that the high-end iPhone 12 Pro and Pro Max were particularly popular. This also drove Apple's gross margin up to 43.3%, surpassing market expectations.
Cook stated that buyers were not only existing Apple users looking to upgrade but also many first-time iPhone buyers from the Android ecosystem. 'Both upgrade users and switchers have seen double-digit growth.'
In the third quarter, Apple's revenue in Greater China grew 58% to $14.76 billion, leading all regions in growth. Cook said, 'Not only the iPhone, but Macs, wearables, smart home devices and accessories, and services all hit record highs for a single quarter. Greater China was our strongest-performing region.' Many consumers purchased AppleW...