Apple profits more than double on pandemic-fueled iPhone sales
CBSN
Apple's profits more than doubled in the January-to-March period as the tech giant capitalized on pandemic boredom to drive sales of its gadgets and services.
Profits for the quarter came to $23.6 billion, more than double the year-ago period, the company said Wednesday. Revenue climbed 54% to $89.6 billion. The iPhone, Apple's crown jewel, hadn't been selling quite as well in the past few years as people held on to their existing models for longer. But the release of four iPhone 12 models last fall has unleashed demand for smartphone purchases, and iPhone sales rose 66% to $47.9 billion, on top of a holiday-season quarter the previous three months when iPhone sales jumped 17%.
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