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Apple Earnings Surge Behind Stimulus and Remote Work

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Apple Earnings Surge Behind Stimulus and Remote Work

Apple Inc. showed the technology industry’s resilience amid the pandemic, reporting a better-than-expected 11% increase in quarterly sales from a year earlier as it benefited from strong demand for apps and work-from-home devices and avoided a downturn in its iPhone business.

The tech giant posted revenue in its fiscal third quarter of $59.69 billion, even as a new wave of coronavirus outbreaks across the U.S. led the company to again close stores. Profit rose about 12% to $11.25 billion, or $2.58 a share.

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