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Facebook and Apple, Two Technology Giants have Doubled their Earnings

Apple announced on Wednesday that its earnings more than doubled to $23.6 billion in the most recent quarter as customers flocked to its new iPhones and purchased more of the company’s other devices, impressive results for the world’s most profitable company.

Apple reported a 54 percent increase in sales to $89.6 billion in the March quarter, a new high for the company. This means Apple sold more than $1 billion per day on average. The fast growth can be explained in part by sluggish revenues over the same three-month stretch last year when the pandemic was first spreading, but the quarter was still solid on its own and much-exceeded analysts’ estimates. Apple’s revenue grew dramatically across all of its product lines and in all of its global markets.

The iPhone, as anticipated, was the key engine of Apple’s growth. Apple announced its iPhone revenues increased by 66% to $47.9 billion, the highest level in years. For years, Apple’s signature device accounted for more than half of the company’s total earnings, but the company has recently sought to diversify into other sectors, leading iPhone revenue to slip to 41% in the quarter that ended September 30. Then, in October, Apple launched the iPhone 12, and sales took off. iPhones accounted for 54 percent of Apple’s sales in the most recent year.

Facebook announced on Wednesday its sales increased by 48% to $26.2 billion in the first three months of the year, with earnings almost doubling to $9.5 billion, demonstrating how the social media platform has benefited from the pandemic.

Advertising sales, it accounts for the majority of Facebook’s revenue, increased by 46% to $25.4 billion. Every month, almost 3.5 billion users use one of Facebook’s applications, up 15% from a year ago.

Mr. Zuckerberg said in a tweet, “We had a good quarter as we helped people stay connected and businesses flourish.” “We will continue to invest actively for years to come in order to deliver fresh and practical experiences, especially in newer fields such as digital and virtual reality, commerce, and the maker economy.”

In recent months, Facebook has come under fire for the content that circulates on its platform, especially after former President Donald J. Trump used social media to encourage his supporters to reverse the presidential election results, prompting a crowd to storm the Capitol building on Jan. 6. Following the riot, Facebook removed Mr. Trump from the website, though no decision has been taken about whether to hold him off indefinitely.

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