BREAKING: Apple Posts Record-Breaking $111.4 Billion Revenue
Tech behemoth Apple has posted a history-making quarterly revenue of $111.4 billion, powered by strong iPhone 12 sales last year.
The California-based company announced its financial results for the fiscal 2021 first quarter ending December 26, 2020, with revenue up 21 per cent year-over-year.
Apple’s quarterly earnings per diluted share of $1.68 were also up by 35 per cent.
In its results posting, Apple said international sales accounted for a huge 64 per cent of the quarter’s entire revenue.
“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Tim Cook, Apple’s CEO.
“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.”
“Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO.
“These results helped us generate record operating cash flow of $38.8 billion. We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time.”
Apple surpassed analysts expectations of $100 billion in quarterly revenue, partly due to a big sales surge after the release of the iPhone 12 in October last year.
Overall, iPhone revenue was $65.68 billion compared to the $60.33 billion expected, while service revenue hit $15,75 billion versus the expected $14.89 billion.
Wearables, home and accessories delivered a staggering $12,971 billion, while Apple also pulled in $8.68 billion for its Mac division, following the release of Apple’s first MacBook Air powered by the in-house M1 processor.