Apple and other Big Tech firms deliver strong earnings amid Covid-19, sending shares up

iPhone maker Apple on Thursday reported revenue gains across every category and in every geography

The other companies in the Big Tech quartet – Amazon, Facebook and Alphabet – also posted results that topped Wall Street targets on the same day

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Apple on Thursday reported higher profits in the past quarter, with strong gains in sales of wearables, accessories and services amid a global pandemic. Photo: AFP

Published: 9:52am, 31 Jul 2020Updated: 10:42am, 31 Jul 2020

Apple on Thursday delivered blowout quarterly results, reporting revenue gains across every category and in every geography as consumers working and learning from home during the Covid-19 pandemic turned to its products and services.

The report topped Wall Street expectations, with even long-overshadowed categories like iPads and Macs getting a boost. Shares rose as much as 6 per cent in extended trading after the results.

The fiscal third-quarter results, which included iPhone sales some US$4 billion above analyst expectations, came on the same day that US gross domestic product collapsed at a 32.9 per cent annualised rate last quarter, the nation’s worst economic performance since the Great Depression.

Apple chief financial officer Luca Maestri also confirmed supply chain rumblings that the new line-up of iPhones, usually released in late September, would face delays of a few weeks.

But executives predicted continued strong performance from the company’s products.

The other companies in the Big Tech quartet – Amazon, Facebook and Alphabet – also posted results that topped Wall Street targets and sent their shares up on the same day.

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