Apple and Facebook reported sharp increases in quarterly revenue Wednesday as both companies continue to take advantage of pandemic trends that have devastated other parts of the economy. That beat analysts' average estimate of $23.67 billion, Reuters reported, for earnings of $3.30 a share, beating analysts' expectations of $2.37. At Apple, revenue rose to $89.6 billion - good for earnings of $1.40 a share, which beat Wall Street analysts' expectations, which called for 99 cents. Meanwhile, Apple's main revenue driver continues to be the iPhone: Revenue for the iPhone rose 65 percent to $47.9 billion, the Wall Street Journal reported. That beat the expectations of Wall Street analysts, who were expecting a 42 percent increase.

Source: The Nation April 28, 2021 21:22 UTC