Apple posted its best quarter of all time on Wednesday with revenue of $111.4 billion in Q1 2021. This marks the first time that Apple has posted revenue of more than $100 billion in a quarter.
Along with smashing its quarter revenue record, the company has beaten almost all analyst expectations in terms of revenue, product growth, and more. The company’s revenues grew 21 percent year over year, and quarterly earnings per diluted share of $1.68, which were also up by 35 percent. Apple also generated record operating cash flow of $38.8 billion, and returned more than $30 billion to shareholders to maintain its target of reaching a net cash neutral position.
Apple finally crosses $100 billion revenue in a quarter
Apple CEO Tim Cook said in a statement:
“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. We are also focused on how we can help the communities we’re a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States.”
iPhone 12 was a major reason for the increased revenue and drove a majority of sales, but other products such as iPad, Mac, wearables, and services also showed positive growth.
Here are some of the important revenue figures per category:
- Mac Revenue: $8.68 billion, up 21% year-over-year
- iPhone revenue: $65.60 billion, up 17% year-over-year
- iPad revenue: $8.44 billion, up 41% year-over-year
- Wearables, home, and accessories: $12.97 percent, up 29% year-over-year
- Services revenue:$15.76 billion, up 24% year-over-year
Tim Cook said during the call that the revenue results would have been even better if it was not for COVID-19 which caused most of Apple’s retail stores to be closed in many places around the world. Despite the pandemic, Apple’s international sales accounted for 64 percent of the quarter’s revenue.
Check out our coverage of the various announcements from the call:
- Apple’s FaceTime calls saw the highest volume on Christmas in 2020
- Apple’s new products are centered around customer experience, says CEO Tim Cook
- In Q1 2021, Apple saw the most iPhone upgrades ever
- Apple’s services revenue posts all-time high record of $15.8 billion in Q1 2021
- Apple’s wearable business sets new record in Q1 2021, grew 30% year over year