For the first quarter of the 2021 fiscal year, Apple is set to report its earnings results on January 27, and many analysts predict that the Cupertino tech giant’s quarterly revenue will most like surpass $100 billion for the first time. Currently, Apple’s quarterly revenue record is $91.8 billion which was set in the first quarter of 2020.
‘If the consensus forecast of $102.6 billion is attained, that would equate to year-on-year sales growth of 12%, the fastest rate of advance in ten quarters’ said Russ Mould, AJ Bell Investment Director.
Apple predicted to report record-breaking first quarter next week with revenue crossing $100 billion!
Brian White said ‘in our view, Apple’s portfolio was positioned better-than-ever heading into the recent holiday season’ also adding that iPad and Mac revenue should remain strong as many consumers continue to work and learn from home amid the on-going covid-19 pandemic.
Since 2013, the tech giant has released new iPhones each September. However, this year due to the on-going covid-19 pandemic the announcement was pushed to October, with some devices yet to be shipped. Due to the delay, no opening-weekend iPhone sales were included in the fourth-quarter results.
The timing of the iPhone 12 release drove down sales in China by 28.5% to $7.95 billion. Tim Cook said that he expects the new 5G devices to help iPhone sales recover in China.
An analyst at Edward Jones, Logan Purk said that ‘while iPhone sales will grow this cycle, it will be disappointing compared to elevated expectations, as we do not believe that 5G presents a compelling reason for a wave of upgrades.’
Chief Financial Officer, at Apple, Luca Maestri said that revenue from non-iPhone products and services would potentially grow by double-digit percentages in the initial fiscal quarter. He then continued that iPhone revenue would also increase, indicating that the rate would be in the single digits.