Apple's Blockbuster Quarter: Revenue Tops $100BN, Record China Sales, Across The Board Beats

On the back of disappointing earnings from Facebook and Netflix, AAPL stock dipped into its earnings release, but as the company's stellar results just showed this may have been a bit premature, because Tim Cook's company just reported blockbuster earnings including its first-ever $100BN quarter, around in its iPhone 12 release quarter.

Here are the details:

  • Q1 Rev. $111.44B, beating expectations of $103.12B, and up 21%from $91.8 billion Y/Y. This, as expected, was the company's first-ever $100BN+ quarter.
  • Q1 EPS $1.68, beating expectations of $1.42, and up 35% Y/Y
  • Q1 iPhone Revenue $65.60B, beating expectations of $60.33B
  • Q1 Products Rev. $95.68B, beating expectations of $88.21B

Some more details from the quarter:

  • Q1 Wearables, Home & Accessories $12.97B, Est. $11.84B
  • Q1 Mac Revenue $8.68B, Est. $8.86B
  • Q1 iPad Revenue $8.44B, Est. $7.57B

Tim Cook gave some additional numbers, noting that AAPL now has an active installed base of 1.65bln devices, of which more than 1 billion iPhones; perhaps more importantly, AAPL has 620 million paid subscribers now as part of its ecosystem.

Of note: Mac sales were strong yet not strong enough to beat estimates despite soaring laptop sales which have surged during work and study from home. As Bloomberg notes, "there might be a bit of disappointment with that one". Still, solid growth and a high number, and sales will likely skyrocket this year with redesigns coming to nearly the entire line.

One potential counter: as Bloomberg notes, "one of the major factors weighing on hardware sales has been global shortages of components. That might be what’s hurt Mac sales. Investors will be listening in closely on that front. Perhaps Apple’s switch to supplying itself with processors will alleviate that risk going forward?"

On the positive side, the Wearables, Home, and Accessories boost is due to major updates in that line, including two new Apple Watch models, the AirPods Max headphones, and the HomePod mini. Apple went all out on accessories this past quarter

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