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Apple (NASDAQ: AAPL) released the results of its first fiscal quarter (ended December 26, 2020). To say it was an eruption wouldn’t be hyperbole. Revenue increased 21% year-over-year to a record $ 111 billion. This growth translated into earnings per share (EPS) of $ 1.68, a 35% increase that also set a new record.
Analysts’ consensus estimates were for revenue of $ 103 billion and EPS of $ 1.42.
Image source: Apple.
Record performances in several segments helped fuel the results. Apple reported that the iPhone, wearable and service segments each had record sales.
IPhone sales of nearly $ 66 billion led to the successful results. That figure was $ 5 billion more than expected and made up 59% of Apple’s total revenue. Services growth also increased 24% year-over-year to $ 15.76 billion, while well exceeding expectations of $ 14.89 billion. The company also generated a record cash flow of $ 38.8 billion.
While Apple generated robust growth in its geographic segments, it was sales in Greater China that stole the show. Revenue in the region climbed 57% year-over-year as Chinese consumers purchased the new iPhone 12 models, the first to offer next-generation 5G capability.
“Our sales performance in the December quarter was fueled by double-digit growth in each product category, which generated record sales in each of our geographic segments and a record level for our installed base of devices. assets, ”said Luca Maestri, CFO of Apple.
On the heels of a bullish call earlier this week, analyst Daniel Ives of Wedbush Securities called the results a “jaw-dropper” and “kick-start towards the 5G super-cycle”, even exceeding expectations. more bullish. He went on to say that “[Apple CEO Tim] Cook & Co. has set the stage for a growth renaissance … which is expected to eclipse the previous iPhone record set in [fiscal year 2015]. ”
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