While excitement for Apple Inc.’s new iPhones has helped boost the company’s share price to record highs, a nearly 40-year-old workhorse with stagnating sales in recent years is notching impressive growth: the Mac.
Sales of the computer line rose 29% in the past quarter to a record $9 billion. Apple has seen huge interest in many of its products, from iPads to headphones, as students and workers stay home because of the coronavirus pandemic.
At 1 p.m. EST, the Mac lineup is going to get its biggest jolt in years, with the expected introduction of laptops with Apple’s own microchips, technology that is supposed to give the devices faster performance, better battery life and, maybe, bigger profits. The event will be streamed from Apple’s website.
The success has garnered new excitement from investors, such as Daniel Morgan, a senior portfolio manager who focuses on technology at Synovus Trust Co., which counts Apple among its largest holdings.
“A product that was once considered a dinosaur in the Apple product lineup has gained new traction after the pandemic hit with the work-from-home movement,” Mr. Morgan said. After years of flat sales, “the Mac has become an important growth driver.”