Apple just had a massive quarter thanks to the 5G iPhone

Apple starts 2021 strong with $89.6 billion in revenue. The Apple iPhone 12 Mini seen here at the Apple flagship store during a product launch event in Sydney, Australia, on November 13, 2020.

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.

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