Apple Inc. finished 2020 with its most profitable quarter ever, fueled by an uptick in higher-end iPhone sales and a pandemic-induced surge in demand for its laptops and tablets, reports The Wall Street Journal.
All together, the Cupertino, Calif., company generated $111.4 billion in quarterly sales, an all-time high and the first time it has topped $100 billion in quarterly revenue.
“We could not be more optimistic,” Apple Chief Executive Tim Cook said in an interview about the company’s product lineup.
The results arrived Wednesday during the biggest week for corporate earnings this quarter as Apple, Tesla Inc. and Facebook Inc. sought to appease investor concerns over whether their rapid growth will continue.
Apple’s increasing might came under sharp criticism from Facebook Chief Executive Mark Zuckerberg on Wednesday, who went so far as to point to Apple as a threat to his business, saying the iPhone maker was increasingly a rival and taking steps that could benefit its digital ecosystem over rivals.
Apple shares rose 84% over the past year through Wednesday’s close on investor enthusiasm around its latest iPhone and heightened spending on its products from consumers working, going to school and seeking entertainment while stuck at home.
Profit rose 29% to $28.76 billion in the three months ended in December, its fiscal first quarter.
The holiday quarter is always a closely watched period for Apple, accounting for about 30% of its annual sales. This time around, however, it took on greater emphasis with the arrival of the iPhone 12 that some analysts and investors were betting would trigger a record boom similar to when the first large-screen iPhone was introduced in 2014.
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