Apple (US:AAPL) reported record quarterly profits through to the end of June, sending its shares on an upward trajectory following release. Despite the closure of a number of its physical stores, the tech giant posted an 11 per cent hike in Q3 sales. All five of its product categories saw growth: even iPhone revenues, which should have come under renewed pressure during the lockdown, were up 2 per cent to $26.4bn (£20.3m), thanks to the launch of a cheaper model in April.
Earnings per share rose 18 per cent to $2.58 - impressive given that Apple issued a revenue warning in mid-February. But the impact of coronavirus is still rippling through the global economy - how does Apple’s bumper performance fit into the wider macroeconomic picture?