Apple Edges Past $100 Billion Quarterly Revenue For The First Time Ever

Apple Edges Past $100 Billion Quarterly Revenue For The First Time Ever

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The iPhone 12 lineup and continued momentum of Mac and iPad contributed to another record quarter

Apple today reported its fiscal Q1 2021 revenue, which covers the last calendar quarter of 2020 and the holiday sales season. This implies that for the first time we’re seeing a real picture of how the new iPhone 12, iPhone 12 mini, iPhone 12 Pro, and iPhone 12 Pro Max are becoming popular with consumers. They’re doing exceptionally well. Apple surpassed $100 billion in quarterly revenue for the first time in the company’s history. It earned $111.4 billion in total, with earnings per share of $1.68.

The newest iPhones went on sale a little later than usual and Apple was compelled to shut down a few of its retail locations due to the COVID-19 pandemic. However, despite those hindrances, the iPhone business did exceedingly well, tallying over $65 billion in profit. Previously, the all-time record for iPhone revenue in a quarter was $61.58 billion, which Apple hit in the first quarter of fiscal 2018.

Besides a tweaked, flatter design, the iPhone 12 series is the first to feature 5G mobile data, which some have speculated may lead to a so-called “supercycle” of upgrades from people who still use iPhones that are a couple of years old at this point. The curiosity is certainly there. However, we need to see if it holds.

The sales figures of Apple’s Mac and iPad lines have shot up during the prolonged period of working at home and remote education due to the pandemic. The momentum continued in this latest quarter, with iPad sales up by a phenomenal 41 per cent, during a holiday quarter. Mac sales were up 21 per cent year over year.

Presently, the company’s MacBook Air, base-level 13-inch MacBook Pro, and Mac mini are equipped by its own M1 processors. Those three products formally kicked off a transition away from Intel chips that will extend to Apple’s other Mac products over the following months. The popular iPad Air was too updated in the fall with a more contemporary design like the iPad Pro.

CEO Tim Cook announced that Apple surpassed 1.65 billion active devices worldwide during the quarter. iPhones account for over 1 billion of those devices.

It wasn’t a surprise that AirPods / AirPods Pro and the Apple Watch were a holiday hit for another year running, boosting the wearables division up 30 per cent year over year.

As 2020 was ending, Apple launched its latest paid subscription service, Apple Fitness Plus, which joins Apple Music, Apple Arcade, Apple TV Plus, and Apple News Plus as methods of earning recurring profits from consumers who buy Apple hardware. The company has continued extending the trial periods for some of those services like Apple TV Plus. However, the services unit as a whole continues to perform very well and was up 24 per cent.

There are executive shifts at the company too. This week only, Apple declared that longtime hardware engineering SVP Dan Riccio will now focus on a new, unspecified project. John Ternus, who has publicly introduced well-received products like the revamped Mac Pro, iPad Pro, and M1 Macs has replaced him as Apple’s hardware boss.

The company has continued with its social initiatives, announcing a number of racial equity investments earlier this month. Apple also removed conservative social media app Parler from the App Store, citing inadequate moderation policies and calls to violence from some users on the app.

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