Apple stories blowout quarter, booking more than $100 billion in revenue for the earliest time

Apple delivered the largest quarter of its by revenue of all the time on Wednesday at $111.4 billion inside the first quarter earnings report of its for fiscal 2021. It is the first time Apple crossed the symbolic hundred dolars billion mark in an individual quarter, as well as sales were up twenty one % year over season.

Apple stock dropped two % in extended trading.

Apple’s results for the quarter ending in December were not simply driven by 5G iPhone product sales. Revenue for each item category rose by double-digit percentage points. Apple’s earnings per income and share handily beat Wall Street expectations.

Here’s precisely how Apple did versus consensus 123.xyz estimates:

EPS: $1.68 vs. $1.41 projected
Revenue: $111.44 billion vs. $103.28 billion calculated, up twenty one % year over year
iPhone revenue: $65.60 billion vs. $59.80 billion approximated, up seventeen % year over year
Services revenue: $15.76 billion vs. $14.80 billion approximated, up 24 % year over year
Other Products revenue: $12.97 billion vs. $11.96 billion estimated, up twenty nine % year over year
Mac revenue: $8.68 billion vs. $8.69 billion approximated, up 21 % year over year
iPad revenue: $8.44 billion vs. $7.46 billion estimated, up forty one % year over year
Gross margin: 39.8 % vs. 38.0 % approximated
Apple CEO Tim Cook said the results could have been a lot better if not for the Covid 19 pandemic and also lockdowns that forced Apple to temporarily shutter a little Apple stores throughout the globe.

“Taking the shops out of the situation, especially for iPhones and wearables, there is a drag on sales,” Cook told CNBC’s Josh Lipton.

Cook believed that Apple’s full install base for iPhones is more than 1 billion, up out of the preceding information point of 900 million. The total active install base for those Apple products is 1.65 billion.

Apple did not provide official assistance for the future quarter. It has not made available investors forecasts since the start of the pandemic.

But even the lack of guidance could not diminish what was a blowout quarter with the iPhone maker. Apple has reaped benefits throughout the pandemic from enhanced PC as well as gadget sales as individuals that are actually working or even going to school from home due to lockdowns look to update the gadgets they use.

Apple released brand new iPhone models in October. The four iPhone 12 designs are actually the first to include 5G, what investors believed could obtain a “supercycle” of drivers clamoring to upgrade. iPhone revenue was up seventeen % from the identical period last year.

“They’re full of features that clients love, and they came in from just the best time, with where 5G networks were,” Cook claimed.

Apple’s other products category, including Apple Watch as well as headphones like AirPods and Beats, was up twenty nine % from year that is last to $12.97 billion, even as folks are paying less time traveling and commuting. Apple released a high end set of headset, AirPods Pro Max, within December, with a sheer $549 suggested price.

Ipads and macs, the Apple products most probable to be used for remote work as well as school, were additionally up this particular quarter. Apple released new Mac computer systems operated by its individual chips rather than Intel processors in December to good reviews that said they had been better in terms of power and battery life to the older designs.

Apple’s services business, which the business has highlighted as a progress engine, was up 24 % year over season to $15.76 billion. The product category is actually a catch-all: It provides the bucks Apple makes as a result of the App Store, subscriptions to digital articles like Apple Music or Apple TV+, licensing fees paid by Google to generally be the iPhone’s default google search and AppleCare warranties.

Apple highlighted in the release of its which international sales accounted for 64 % of the business’s sales, up from sixty one % in the exact same quarter previous year.

Exactly how brand new iPhone models fare within China, the business’s third-largest market, is a continuous theme of discussion among investors. Sales in what Apple calls greater China, along with Taiwan as well as Hong Kong, were up nearly fifty seven % to $21.3 billion.

“China was strong throughout the board,” Cook said.

Apple also declared a cash dividend of $0.205 cents a share and said that it’d spent over $30 billion on complete shareholder return, including share buybacks, during the quarter. Apple’s first fiscal quarter is generally its largest of the year and includes serious holiday sales at the time of December.

Wednesday’s blowout earnings are additionally a healing story for Apple. Two years back, Apple warned that its projection for the holiday quarter sales of its were lower than the company expected, a rare warning that raised questions about whether Apple was losing its momentum. On Wednesday, Apple disclosed that revenue is actually up over 32 % after that report.