Shares of apple (NASDAQ: AAPL) rose 12.3% in December, according to data provided by S&P Global Market Intelligence.
The iPhone manufacturer sees its shares approaching all the time; they are up almost 77% this year.
Apple has benefited from the coronavirus pandemic as sales have remained robust due to more people buying the company’s devices to keep in touch with their loved ones. For the full fiscal year ended September 30, total revenue increased 5.3% year-on-year to $ 274.5 billion, while net revenue increased 3.9% the year before to $ 57.4 billion. These figures show that the technology giant still has room to continue growing even with a large earnings base.
What was interesting, however, was the jump in sales of wearables and services, two divisions that saw double-digit revenue increases from year to year. Wearables, which includes the Apple Watch and Airpods, increased revenue by 25% year-on-year to $ 30.6 billion, accounting for 11.2% of Apple’s total revenue, up from just 9.4% a year ago. Services, a division that promises steady and recurring revenue for Apple, now accounts for almost one-fifth of total revenue, up from 17.8% last year.
Apple’s innovative product pipeline has not skipped, with news that the iPhone manufacturer intends to come up with a foldable phone similar to the closest competitor Samsung Electronics offers. The product is supposed to be folded down like a seashell, but it is still early in development, since the design of the new phone has not yet been confirmed. The product is scheduled for release in 2022 or 2023.
There has also been some buzz around what has been called the “Apple Car”, a self-driving car that Apple has been working on for years, and which promises to be a breakthrough in battery technology and automated vehicle technology. Although this project is shrouded in secrecy, it is rumored that the company plans to launch this new car as early as 2024. If this is true, it is probably the most interesting product that Apple has come up with so far apart from its handheld gadgets and wearables.