what happened
Shares of appeal (NASDAQ: AAPL) according to data provided by S&P Global Market Intelligence, it climbed 12.3% in December.
The iPhone maker sees its shares trading at an all-time high; it is almost 77% higher this year.
Image Source: Getty images.
Approximately
Apple took advantage of the coronavirus pandemic, as sales remained strong as more people bought the company’s devices to stay in touch with loved ones. For the full fiscal year ended September 30, total revenue increased 5.3% year-on-year to $ 274.5 billion, while net-year revenue increased 3.9% year-on-year to $ 57.4 billion. These numbers show that the technology giant still has room to continue growing, even with a large earnings base.
What was interesting, however, was the increase in sales of portable services and services, two divisions that had an annual increase in revenue from double-digit year-on-year. Wearables, which includes the Apple Watch and Airpods, rose 25% year-on-year to $ 30.6 billion and 11.2% of Apple’s total revenue, up from just 9.4% a year ago. Services, a division that promises Apple steady recurring revenue, now accounts for nearly a fifth of total revenue, up from 17.8% last year.
Now what
Apple’s innovative product pipeline has not skipped a beat, with the news that the iPhone maker plans to come up with a foldable phone similar to what its close rival Samsung Electronics offers. The product will presumably fold like a clamshell, but it is still early in development as the design of the new phone has yet to be confirmed. The product will be released for 2022 or 2023.
There’s also a bit of noise around what’s called the ‘Apple Car’, a self-driving car that Apple has been working on for years and which promises to be a breakthrough in terms of battery technology and automotive vehicle technology. Although this project has been secretly shrouded, rumors are that the company intends to launch this new car as early as 2024. If true, this is probably the most interesting product Apple has come up with so far, apart from its hand-held gadgets and carrying case.