Apple profit (AAPL) in the first quarter of 2021

Apple on Wednesday achieved its biggest quarter in revenue of all time at $ 111.4 billion in its first quarter results report for fiscal 2021. This is the first time Apple has crossed the symbolic bar of $ 100 billion in a single quarter and sales increased 21% per year over one year.

Apple shares fell less than one percent in extended trading.

Apple’s results for the quarter ending in December were not only driven by 5G iPhone sales. Sales of each product category increased by double-digit percentage points. Apple’s earnings per share and sales far exceeded Wall Street expectations.

Here’s how Apple did against Refinitiv’s consensus estimates:

• EPS: $ 1.68 vs. $ 1.41 estimated
• Returned: $ 111.44 billion vs. $ 103.28 billion estimated, up 21% year-on-year
• IPhone Income: $ 65.60 billion against an estimated $ 59.80 billion, up 17% year-on-year
• Service turnover: $ 15.76 billion vs. $ 14.80 billion estimated, up 24% year-on-year
• Revenue from other products: $ 12.97 billion vs. $ 11.96 billion estimated, up 29% year-on-year
• Mac income: $ 8.68 billion vs. $ 8.69 billion estimated, up 21% year-on-year
• IPad income: $ 8.44 billion vs. $ 7.46 billion estimated, up 41% year-on-year
• Gross margin: 39.8% vs. 38.0% estimated

Apple CEO Tim Cook said results could have been even better without the Covid-19 pandemic and the lockdowns that have forced Apple to temporarily close some Apple stores around the world.

“By taking stores out of the equation, especially iPhones and portable devices, there is a drag on sales,” Cook told CNBC’s Josh Lipton.

Apple has not provided official guidance for the coming quarter. He has not offered a forecast to investors since the start of the pandemic.

But even the lack of advice couldn’t diminish what has been a shine for the iPhone maker. During the pandemic, Apple has benefited from increased sales of PCs and gadgets as people who work or go to school from their homes due to lockdowns seek to upgrade the devices they use.

Apple released new iPhone models in October. The four iPhone 12 models are the first to include 5G, which investors believe could lead to a “supercycle” of users demanding an upgrade. IPhone revenue increased 17% compared to the same period last year.

“They’re packed with features that customers love, and they got there at exactly the right time, where the 5G networks were,” Cook said.

Apple’s other product category, which includes Apple Watch and headphones like AirPods and Beats, grew 29% from last year to $ 12.97 billion, even though people are spending less time to move and travel. Apple released a high-end headset, AirPods Pro Max, in December with a hefty suggested price of $ 549.

Macs and iPads, Apple devices most likely to be used for remote work and school, also increased this quarter. Apple released new Mac computers powered by its own chips instead of Intel processors in December, with positive reviews claiming they were superior in power and battery life to older models.

Apple’s services business, which the company has called a growth engine, grew 24% year-over-year to $ 15.76 billion. This product category is a catch-all: it includes the money Apple makes on the App Store, subscriptions to digital content like Apple Music or Apple TV +, license fees paid by Google to be the engine. iPhone default search and warranties.

Apple said in its statement that international sales accounted for 64% of the company’s sales, up from 61% in the same quarter last year. The evolution of new iPhone models in China, the company’s third largest market, is a constant topic of discussion among investors.

“China was strong in all areas,” Cook said.

Apple also declared a cash dividend of 0.205 cents per share and said it spent more than $ 30 billion in total shareholder return, which includes share buybacks, during the quarter.

Apple’s fiscal first quarter is typically the largest of the year and includes significant holiday sales during the month of December.

Wednesday’s explosive profits are also a story of recovery for Apple. Two years ago, Apple warned that its forecast for its holiday quarter sales was lower than the company’s expectations, a rare warning that raised questions that Apple was losing momentum. Apple on Wednesday revealed that revenue has increased by more than 40% since that report.