The coronavirus pandemic helped enhance Apple’s iPad and Mac gross sales
An iMac Professional pc in an Apple retailer.
Zhang Peng | LightRocket | Getty Pictures
Analysts count on the coronavirus pandemic to maintain boosting Apple’s Mac and iPad items, following the corporate’s blockbuster fiscal third quarter report on Thursday, the place it revealed income was up 11% yr over yr.
“Regardless of COVID-19 headwinds, Apple grew income in each phase and geography, beating consensus income by 14% as ecosystem engagement rises,” Morgan Stanley analysts wrote in a analysis word Friday.
The analysts stay bullish on the “elevated significance of shopper computing units to assist work, play and be taught from dwelling benefiting iPad/Mac gross sales.” Morgan Stanley additionally raised the value goal on Apple to $430 per share from $419.
Analysts at Piper Sandler additionally famous that Apple is withstanding the coronavirus pandemic, saying in an organization word Thursday that its Mac and iPad items are “truly benefiting properly” because of distant work and studying traits.
Retailers have been onerous hit by the pandemic that is shut down shops throughout the globe and impacted suppliers. However Apple pointed towards each work-from-home traits and powerful on-line gross sales as delivering a lift to total operations.
The corporate’s iPad gross sales grew 31%, and its “different merchandise” class, which incorporates AirPods and the Apple Watch, grew 17% from Q3 2019. Mac income additionally rose nearly 18% from this time final yr.
The do business from home pattern “undoubtedly has boosted Mac and iPad. We see each of these probably choosing up share,” Apple CEO Tim Prepare dinner advised CNBC’s Josh Lipton. “We now have the strongest product lineup in each Mac and iPad that we have ever had. It is the mix of these two issues coming collectively on the identical time which might be producing the outcomes.”
Apple shares had been up 6% in early buying and selling on Friday.
Subscribe to CNBC on YouTube.