Apple unveils record-high revenues in fiscal Q1 of 2021

Apple Inc. posted an all-time record high revenue of $111.4 billion, up 21 percent YoY, and quarterly earnings per diluted share of $1.68, up 35 percent, as international sales accounted for 64 percent of the quarter’s revenue of all product lines.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Tim Cook, Apple’s CEO. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season.”

Revenues poured into three main categories which are iPhone, wearables, and services sales, the company said in an earnings release for its fiscal 2021 first quarter which ended on December 26, 2020. 

Among other strong product sales, was the iPhone 12 models which is company’s first 5G-powered device. Analysts noted that this could drive business markedly into 2021 as consumers upgrade. Revenue for iPhone posted a 17 percent increase over this same period last year.

“Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” Apple CFO Luca Maestro said in the release.

The CFO added that these results helped the company generate record operating cash flow of $38.8 billion. “We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time,” Maestro highlighted.

According to the company, Apple’s total install base for iPhones is over 1 billion, an increase from the previous data report of 900 million. The company reported that its total active install base across all Apple products is 1.65 billion.

Though Cook said that store closures because of the COVID-19 pandemic prevented sales from reaching even higher, analysts point that because of the pandemic the company also reported strong sales of Macs and iPads, devices used for remote work and homeschooling.