Apple Inc. is expected to post a record spring quarter profit Tuesday as customers continue to adopt new iPhones and other devices and investors look for signs that the company’s pandemic-induced success will continue.
Analysts predict that the Cupertino, California-based tech giant will post nearly $ 17 billion in profit during the three-month period ending in June, the best fiscal third quarter in its 45-year history. Revenue is expected to increase 23% over the prior year to $ 73 billion.
The company is on track for its best fiscal year, with a profit of $ 86 billion for the 12-month period ending in September, according to an average forecast from analysts surveyed by FactSet. That would be about 51% better than last year’s record. A year ago, those analysts had predicted what now looks like a paltry 11% gain.
Investors came to 2021 expecting great things, thanks to the iPhone 12 lineup and its 5G cellular connectivity. CEO Tim Cook has defied even the loftiest of expectations, benefiting from two developments: the first iPhone in three years with technological advancements perceived by longtime customers as worthy of an upgrade, and stronger-than-expected demand for computers. iPad laptops and tablets by workers and students trapped at home during the coronavirus pandemic.
Sales of iPhones are expected to increase 29% to $ 34 billion during the April-June period compared to a year ago, according to analysts surveyed by FactSet.