Apple Hits Over $100 Billion Quarterly Revenue for the First Time

apple q1 2021

Apple just published its quarterly results for the ‘critical’ first fiscal quarter for 2021. Q1 2021, for Apple, ended on December 26, 2020, after a much successful holiday season for the company. The company posted a record quarterly revenue of $111.4 billion for the first time.

The Cupertino-based posted revenue of $111.4 billion and a net quarterly profit of $28.4 billion. The quarterly revenue is up 21 percent year over year according to Apple, with the earnings per diluted share of $1.68. Apple says that 64 percent of the total sales were outside the United States.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide. We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season.”

The CEO also said that the company is looking to invest $350 billion in the United States. Tim Cook also assured that the company is looking to give back to the communities through efforts like our Racial Equity and Justice Initiative.

For a comparison, Apple reported $91.8 billion in revenue in Q1 of 2020 and a profit of $22.2 billion. This year, the company reported an increase of ~$20 billion in revenue and an increased profit of ~$6 billion. That’s a growth of nearly 20%, both in revenue and profit, despite COVID-19 affecting the business.

Breaking down the Apple Q1 2021 report in numbers, to see how much each category contributed towards the $111.4 billion revenue:

  • $65.60 billion: iPhone (59%)
  • $15.76 billion: Services (14%)
  • $8.68 billion: Mac (8%)
  • $12.97 billion: Wearables, Home, and Accessories (12%)
  • $8.44 billion: iPad (8%)

Comparing it the Q1 2020, iPhone revenue is up by almost $9 billion. It was ~$56 billion last year. Mac sales went up by 0.2%, and the sales are expected to grow with the introduction of next-gen MacBooks based on Apple’s next Silicon chipsets. Unsurprisingly, revenue from the iPad sales increased by over ~15%, with the company introducing the new iPad Air.

Services sector continues to enjoy its regular increase, with it having a growth of over 41%. Even the wearables, home, and accessories category grew 20% year on year. Apple introduced a lot of products like Apple Watch Series 6, AirPods Max, and HomePod Mini in this category. Apple Watch is becoming an integral part of our life, and this category is expected to grow even further this year.

Much of this growth, as we can see, is contributed by the iPhone 12 series. The flagship smartphone was the best selling 5G smartphone in October 2020, and has been selling pretty well. Though Apple has supposedly ordered iPhone 12 Mini production to the iPhone 12 Pro, sales of the iPhone 12 series are in line with Apple’s expectations and are only expected to grow.

We Want to Hear From You

What are your thoughts on Apple crossing $100 billion in revenue? What do you think was the most impactful product for Apple this quarter? Which Apple products did you buy last quarter? What were your expectations from Apple Q1 2021? Do let us know in the comment section below!

[Via Apple]