Revenue increased in the first three months of 2021.
Apple on Wednesday reported a second-quarter blowout for 2021 with a massive 54% increase in revenue to set a new quarterly record for the three months ending March. Apple's revenue for the quarter was $ 89.6 billion, a significant year-over-year increase.
As noted by CNBC, Apple saw high double-digit growth across all product lines.
IPhone revenue was $ 47.94 billion for the quarter, up 65.5% from 2020. Meanwhile, the Mac grew 70.1% to $ 9.10 billion, and the iPad Revenue grew nearly 79% to $ 7.80 billion. Apple's Other Products category, which includes wearable devices like Apple Watch and AirPods, rose 24% to $ 7.83 billion.
Every product category was booming
Apple's increasingly important Services division also rose 26.7% to $ 16.90 billion. The services include everything from the App Store to Apple Music to iCloud subscriptions. Apple has become a bigger focus as iPhone sales by and large haven't grown as fast as it has been every year, and Apple has focused on finding new ways to monetize users. (Even so, the current iPhone 12 generation is selling exceptionally well.)
While Tim Cook didn't provide a breakdown of Apple's service division, he noted that the company now has more than 660 million paid subscriptions for all of its services. That's 40 million more than last quarter.
In a statement, Apple's CFO Luca Maestri said:
We are proud of our March quarter performance, which included sales records in each of our geographic segments and strong double-digit growth in each of our product categories, bringing our installed base of active devices to an all-time high. Those results allowed us to generate $ 24 billion in operating cash flow and return nearly $ 23 billion to shareholders during the quarter. We are confident about our future and continue to make significant investments to support our long-term plans and enrich the lives of our customers.
What could the next quarter hold?
Apple hasn't released any official guidance on expectations for the quarter that ends in June. With a global chip shortage potentially reducing the availability of products, the chances are things could slow down a bit.
On the other hand, the iPhone 12 series turns out to be the gift that is given over and over again when selling. If Apple is able to stay ahead of the chip shortage, at least in terms of its top product line, this could be another quarterly win for the Cupertino giant.
It's also worth noting the fact that Apple's new iPad Pro and redesigned iMac – both of which have the potential to be monster hits for Apple – weren't announced until the end of the second quarter. Their effects will only be felt in the third quarter.
While logic dictates that Apple will plateau at some point, such financial results make this scenario increasingly difficult to imagine.
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About the author
(144 articles published)
Luke has been an Apple fan since the mid-1990s. His primary interests in technology are smart devices and the interface between technology and the liberal arts.
From Luke Dormehl
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