Apple's $111.4B Q1 shatters quarterly record with massive growth across all categories

Posted:
in AAPL Investors edited January 2021
Apple earned $111.4 billion in revenue in the first quarter of 2021, blasting past the $100 billion barrier for the first time on double-digit growth across all product categories.




Announced before the company's usual conference call with analysts, Apple's revenue of $111.4 billion for the quarter ending December 2020 represents growth of 21% on the $91.8 billion seen one year prior, itself a record-setting set of results. Earnings per share is set at $1.68, comparatively higher than the $4.99 seen in Q1 2020 before the four-way stock split.

The gross margin of $44.3 billion is up from Q1 2020's $35.2 billion, while operating expenses are up/down year-on-year to $10.8 billion from $9.6 billion. Net profit is $28.8 billion, an improvement from $22.2 billion one year prior.

Q1 2021 Revenue Graph


"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. 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."

The high revenue is partly down to the seasonally higher sales of the iPhone 12 range, which reached $65.6 billion, up from $56 billion last year. It is likely that Apple's decision to ship the new models later meant that the usual sales from the last few weeks of the fourth quarter carried over to Q1, helping to inflate the figures.

Revenue for the iPad reversed its 11.2% drop to $5.98 billion in Q1 2020 by being reported at $8.4 billion for Q1 2021. Mac also saw a change in fortunes, upgrading last year's flat growth of 0.2% and $7.2 billion in revenue to nearly 18% growth and $8.7 billion for the latest quarter's result.

iPad Graph


Services continued to enjoy its regular increase, keeping up its growth at 41% year-on-year and posting revenue of $8.4 billion. Lastly, Wearables, Home, and Accessories continued to rise from $10.1 billion in Q1 2020 to $12.97 billion for Q1 2021.

As well as the iPhone 12 range, the quarter saw many product launches, including the Apple Watch Series 6, Apple Watch SE, 2020 iPad, iPad Air, HomePod mini, M1 Mac mini, M1 MacBook Air, and the M1 13-inch MacBook Pro. While the AirPods Max were also released during the period, they were only available toward the end of the quarter, so wouldn't have made a significant impact on revenues.

Apple's Board of Directors declared a cash dividend of $0.205 per share payable on Feb. 11, 2021, to shareholders of record at the close of Feb. 8, 2021.

Apple is continuing its trend of refusing to provide forecasts for the following quarter, something it has been doing for a number of quarters due to the uncertain nature of the pandemic. In a cautious statement, CFO Luca Maestri said Apple expects revenue growth to accelerate year-over-year in the second quarter.
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Comments

  • Reply 1 of 75
    OMG.......
    watto_cobra
  • Reply 2 of 75
    Rayz2016Rayz2016 Posts: 6,957member
    That is … a ridiculous amount of money. 😱


    ronnapplguyBeatswatto_cobra
  • Reply 3 of 75
    Stonks to the moon incoming.
    watto_cobra
  • Reply 4 of 75
    Wow. Just, wow. 
    watto_cobra
  • Reply 5 of 75
    Holy Guacamole!

    slam bam thank you ma’am  
    watto_cobra
  • Reply 6 of 75
    wizard69wizard69 Posts: 13,377member
    I'm not surprised at all with respect to the M1 Macs driving sales in that category.    It has been at least a half decade since I can honestly say that a Mac laptop is worth buying..    Not only is it worth the money paid (relative to other vendors) it literally blows the competition out of the water.  I'm already looking forward the MBA replacement expected some time this year.   As a highly mobile computing device it blows the rest of the industry away and frankly is now a better solution than iPad.

    Well better solution for me as the keyboard is a requirement as is Mac OS and access to the system.


    entropysSpamSandwichmwhiteBeatswatto_cobra
  • Reply 7 of 75
    saareksaarek Posts: 1,382member
    I'd love to know how many M1 based Mac's they sold, I don't doubt they have been a massive number 1 hit.
    KTRBeatswatto_cobra
  • Reply 8 of 75
    saarek said:
    I'd love to know how many M1 based Mac's they sold, I don't doubt they have been a massive number 1 hit.
    I know several people who jumped into new Mac mini’s and iPad Air because of the new chips.
    KTRwatto_cobra
  • Reply 9 of 75
    melgrossmelgross Posts: 33,284member
    Not too bad. After hours, the stock is hovering around 0% gain/loss. Really odd as lately the stock has shot up after earnings. The market went crazy today, and it seems as though this is hangover from that, due to concerns about the virus and economic conditions.

    the conference call is, as usual, at 5 pm eastern time, in about 9 minutes. Easy to get on. Go to Apple’s site, scroll to the bottom, tap on investors and you will see the call. Tap on that, and you’ll be able to listen. Often it’s very illuminating.
    edited January 2021 SpamSandwichequality72521watto_cobratenthousandthings
  • Reply 10 of 75
    melgross said:
    Not too bad. After hours, the stock is hovering around 0% gain/loss. Really odd as lately the stock has shot up after earnings. The market went crazy today, and it seems as though this is hangover from that, due to concerns about the virus and economic conditions.

    the conference call is, as usual, at 5 pm eastern time, in about 9 minutes. Easy to get on. Go to Apple’s site, scroll to the bottom, tap on investors and you will see the call. Tap on that, and you’ll be able to listen. Often it’s very illuminating.
  • Reply 11 of 75
    saareksaarek Posts: 1,382member
    wizard69 said:
    I'm not surprised at all with respect to the M1 Macs driving sales in that category.    It has been at least a half decade since I can honestly say that a Mac laptop is worth buying..    Not only is it worth the money paid (relative to other vendors) it literally blows the competition out of the water.  I'm already looking forward the MBA replacement expected some time this year.   As a highly mobile computing device it blows the rest of the industry away and frankly is now a better solution than iPad.

    Well better solution for me as the keyboard is a requirement as is Mac OS and access to the system.


    I traded my 16" MacBook Pro in for an M1 Air,. The Intel Pro was devaluing quicker than any Mac I've ever owned.

    Am amazed at the performance and battery life that this computer offers, can't wait for the real Pro Macs to ship.
    SpamSandwichKTRronndocno42watto_cobra
  • Reply 12 of 75
    Rayz2016Rayz2016 Posts: 6,957member
    Nice problem to have …


    zeus423marklarkBeatswatto_cobra
  • Reply 13 of 75
    Tim just aped the administration’s nonsensical “build back better” line. Major eyeroll. 

    Since Tim is so committed to giving away Apple’s money maybe he should go work in government.
    edited January 2021 zeus423FrancescoBequality72521docno42marklark
  • Reply 14 of 75
    When I was a kid, IBM was the most profitable company on earth with $5 billion, which I presume was annual profit. Of course adjusted for inflation that's probably $10 billion. Apple is now making $33 billion per quarter (just one quarter). That's about 12x as much.
    edited January 2021 ronnequality72521Beatswatto_cobra
  • Reply 15 of 75
    lkrupplkrupp Posts: 9,991member
    Apple, proudly failing and racing toward bankruptcy since April 1, 1976!

    What will Apple’s profit look like after the new administration breaks Apple up into little pieces. 
    edited January 2021 SpamSandwichronnzeus423equality72521Beats
  • Reply 16 of 75
    lkrupp said:
    Apple, proudly failing and racing toward bankruptcy since April 1, 1976!
    Love the profitability, hate the current Apple regime’s preaching.
    edited January 2021 zeus423anonconformistequality72521mike1docno42marklark
  • Reply 17 of 75
    nerudaneruda Posts: 437member
    Stonks to the moon incoming.
    Apple stock at $144/share is undervalued.  It Apple stock had the same PE as Tesla its stock would be north of $350/share. 
    ronnmarklarkwatto_cobra
  • Reply 18 of 75
    maestro64maestro64 Posts: 5,035member
    and the sell off begin, the price we saw yesterday was obviously based on the number they just posted, profit taking will begin because all the bears will come out and say Apple can not do it again.
    edited January 2021 watto_cobra
  • Reply 19 of 75
    neruda said:
    Stonks to the moon incoming.
    Apple stock at $144/share is undervalued.  It Apple stock had the same PE as Tesla its stock would be north of $350/share. 
    This is something every shareholder of every stock believes. Stocks are only worth whatever people are willing to pay for them. That’s it.

    Do you believe either AMC or GameStop “deserve” their current heady stock prices? It’s all a game.
    edited January 2021 JWSCdocno42watto_cobra
  • Reply 20 of 75
    lkrupplkrupp Posts: 9,991member
    Can’t wait for the usual suspects to explain to us how this is actually bad news for the company.

    Meanwhile, Goldman Sachs analyst Rod Hall is recommending a sell on AAPL with a target price of $80, stating that after the pandemic it’s all over for Apple and iPhone sales will plummet. 

    https://www.thestreet.com/investing/apple-aapl-stock-negative-goldman-outlook-iphone-delays

    This was back in September. Hall has since revised his price down even further to $75. Apple is doomed!

    I think Apple needs to find a new partner for the Apple Card.
    Beatswatto_cobraMisterKit
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