Apple set to unveil quarterly sales of $100bn for first time when results for final three months of 2020 published
Apple is expected to unveil quarterly sales of $100billion for the first time next week.
The iPhone maker will report results for the final three months of 2020, the first quarter of its financial year, on Wednesday.
It includes the crucial Christmas trading period, with demand for gadgets and home entertainment expected to be boosted this year by the coronavirus lockdowns.
Analysts have predicted that Apple raked in about $102.8billion (£75billion) – the equivalent of more than half a million pounds per minute – compared to $91.8billion (£67billion) in the same three months a year earlier.
They also expect it to report a quarterly profit of about $23.7billion (£17.3billion), up slightly from $22.2billion (£16.3billion).
Morgan Stanley analysts said they expect Apple’s new iPhone 12 to have sold well, however, the company itself did not provide any forecasts in its last update.
‘Our recent conversations suggest investors expect Apple to release solid, but not great, December quarter results,’ they said in a note.
‘We disagree and believe that Apple is likely to report all-time record quarterly revenue and earnings.
‘In our view, the iPhone 12 has been Apple’s most successful product launch in the last five years,’ the analysts said. Analysts at Bernstein disagreed, however.
They commented that they ‘struggle to see the case for material outperformance, absent a surprise product announcement’.