Shares of Apple (AAPL) skyrocketed on surging earnings, many are indicating that Apple is in the middle of a supercycle.
Apple flat out blew away expectations on the top and bottom line. Revenue was up an incredible 54% to just under $90 billion, crushing the $77 billion estimates. Every metric here is just astonishing, overall an outstanding earnings report out of Apple.
Though we normally focus on Apple’s iPhone and Services divisions per year, it’s hard to overlook the company’s incredible success in Mac computers and iPads.
Apple isn’t simply in the midst of a recent iPhone sales supercycle. All is in the midst of a supercycle.
While the pandemic factor is evident, Apple also claims that the M1 played a role in the surge in revenue. CEO Tim Cook credited the M1 chip for driving the company’s growth on Wednesday’s earnings call, particularly after Apple demonstrated that it can work almost as well than or better than the Intel chips it previously used in computers.