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Apple Delivers $111 Billion Blowout Quarter Fueled By iPhone 12 Supercycle And Services Push

iphone 12

Apple has just reported its earnings for fiscal Q1 2021, and they were nothing less than impressive. The company booked over $100 billion in revenue for the first time ever in company history. More specifically, it reported revenue of $111.44 billion versus a consensus of $103.28 billion. This represented a significant 21 percent increase year-over-year (YoY) for the company.

Likewise, earnings per share (EPS) came in at $1.68 versus a consensus of $1.41; marking a 35 percent increase YoY. While Apple is headquartered in the United States, the company said that a 64 percent of its revenue was generated through international sales.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Apple CEO Tim Cook. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season.

tim cook

Apple CEO Tim Cook (L)

Although the iPhone 12 was introduced at the tail end of fiscal Q4 2020, we finally got to see the full effect of Apple's 5G upgrade supercycle during fiscal Q1 2021. iPhones accounted for $65.6 billion in revenue, up from $56 billion during the same quarter last year.

The most recently completed quarter also saw the introduction of popular new Apple M1-based MacBook Pro, MacBook Air, and Mac mini models. These new machines were able to push Mac revenue for the quarter to $8.68 billion compared to $7.2 billion last year. All hardware categories saw gains -- even the iPad -- and the Wearables, Home, and Accessories business booked $12.97 billion in revenue compared to $10.1 billion is year ago.

Finally, Apple's services division has been cranking on all cylinders with a 24 percent YoY uplift to $15.76 billion.

“These results helped us generate record operating cash flow of $38.8 billion," added Apple CFO Luca Maestri. "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 has not provided guidance for fiscal Q2 2021 at this time.

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