Apple has reported its quarterly results, delivering an astounding 54% year-over-year revenue growth.
The March quarter is not traditionally one of Apple’s strongest. This year, however, the company had a number of factors in its favor. The iPhone 12, with 5G support, was expected to cause a “super cycle” upgrade as individuals traded in older phones for the revolutionary new feature the 12 offered. Similarly, Apple’s move to its own custom silicon for its Mac line of computers have led to renewed demand.
The company also benefited from the transition to remote work, as Macs, iPhones and iPads saw increased demand among remote employees and students.
These factors resulted in a quarter that exceeded analysts expectations across the board, and accounted for revenue of $89.6 billion. The iPhone accounted for $47.9 billion, a 66% increase. The Mac saw a 70% increase, coming in at $9.1 billion. The iPad accounted for $7.8 billion, or a 35% increase.
“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” said Tim Cook, Apple’s CEO. “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.”
“We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high,” said Luca Maestri, Apple’s CFO. “These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter. We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers’ lives.”