Apple iPhone sales jump 50% despite chip shortage ahead of fall iPhone 13 launch

From CNET: For years, Apple's seemed to defy the law of large numbers. Its iPhones, already found in over a billion pockets, surged again following the company's launch of the iPhone 12, which featured a new boxy design and 5G wireless speeds. Still, with a market value topping $2.45 trillion, the question Apple constantly faces is whether it can keep going higher.

On Tuesday, we got an answer. During the three months of its fiscal third quarter, the company said it tallied nearly $39.6 billion in iPhone sales during the three months ended June 26, up 50% from the same time a year ago. Typically, Apple's struggled to grow iPhone sales during the summer months before its annual fall iPhone reveal as people hold off to see the next iteration.

All told, Apple said it notched a profit of $21.7 billion, nearly double from the same last year. That translates to $1.30 per share in earnings, off $81.4 billion in overall revenue, which itself was up 36% from last year. That was also well above what analysts had been expecting the company to report, which on average was $1 per share in earnings and nearly $73 billion in revenue, according to surveys published by Yahoo Finance.

"This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important," said Tim Cook, Apple's CEO, in a statement.

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