(CNN Business)Apple's steady stream of hardware upgrades and new services launched throughout the pandemic has held the company in good stead going into 2021.
The company on Wednesday reported revenues of $89.6 billion and a profit of $23.6 billion for the three months ending March 27, blowing past analyst forecasts. The company also authorized a $90 billion share buyback, it said.
Apple shares surged more than 3% after-hours following the report.
"This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers, seem to feel about better days ahead for all of us," CEO Tim Cook said in a statement.
iPhone sales were at nearly $48 billion, a 65% increase over the same quarter last year, as consumers continued shelling out the big bucks to upgrade to Apple's first 5G smartphone lineup. The company's overall product sales were $72.6 billion, buoyed by the launch of new iPads, the Apple Watch Series 6, and an updated range of MacBooks with Apple's in-house silicon chips.
"Apple is in a period of sweeping innovation across our product lineup, and we're keeping the focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world," Cook added.