CUPERTINO, CALIFORNIA: Apple smashed analysts' estimates to post a massive 54-percent year-on-year jump in revenues in the second quarter of this year, fueled by strong demand for the iPhone 12, iPads, and Mac computers, as the pandemic forced people to work and study from home.
The company reported revenues of $89.58 billion for the quarter, higher than Wall Street sales estimates of $77.3 billion, and announced earnings per share of $1.40, Yahoo Finance reported.
Analysts had projected earnings per share of $0.99.
Sales of iPhones remained robust at $47.9 billion during the quarter, while revenue from iPads and Mac computers climbed to $7.8 billion and $9.1 billion, respectively.
"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 said in a press release.
However, the company expects revenue to slide in the June quarter, amid the ongoing worldwide chip shortage, which is expected to extend into 2022.
"Those (chip) shortages will mainly affect the iPad and the Mac," Cook said.
"And so, we'll have some challenges in there, and challenges in meeting the demand that we've got. The demand feels very strong right now," he added.
During a conference call with analysts, Apple CFO Luca Maestri warned the supply constraints could shave $3 to $4 billion off revenues in the June quarter.
Analysts also expect sales from Apple's Mac and iPad segments to slow as vaccine rollouts lead to easing of pandemic restrictions.
"In our opinion, current high levels of both iPad and Mac demand are unlikely to be sustainable, as the world re-opens," Goldman Sachs' Rod Hall wrote in a research note prior to the earnings release.