Apple announces Q1 2021 earnings, reporting record revenue of $111.4 billion

Apple on Wednesday announced its earnings for the first fiscal quarter of 2021, reporting all-time record revenue of $111.4 billion, up 21 percent year over year.

Apple no longer reports specific product sales, however, the quarter reportedly saw “double-digit growth in each product category,” with gross margins up from $35.2 billion in Q1 2020 to $44.3 billion this year. Net profit is $33.5 billion, up from $25.6 billion one year prior.

For comparison, Apple announced revenue of $91.8 billion during Q1 2020, made up of $55.96 billion generated by iPhone sales, $12.72 billion from its services division, $7.16 billion from Mac, $5.98 billion from iPad and $10.01 billion from wearables and accessories.

“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.”

Image: Apple

“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’s Board of Directors has declared a cash dividend of $0.205 per share of the Company’s common stock. The dividend is payable on February 11, 2021 to shareholders of record as of the close of business on February 8, 2021.

Once again, Apple isn’t issuing guidance for the current quarter ending in March due to the uncertainty caused by the pandemic.

Apple CEO Tim Cook and CFO Luca Maestri will take part in a live Q&A session shortly on Apple’s Investor Relations webpage.