Income grew 21% year over year to a record $111 billion. That figure was $5 billion more than anticipated and constituted 59% of Apples total profits. Services development also increased 24% year over year to $15.76 billion, while easily topping expectations of $14.89 billion.
Apple (NASDAQ: AAPL) reported the results for its fiscal very first quarter (ended Dec. 26, 2020). To state it was a blowout would not be hyperbole. Revenue grew 21% year over year to a record $111 billion. That growth led to earnings per share (EPS) of $1.68, an increase of 35% that also set a brand-new high-water mark..
Analysts consensus estimates were for revenue of $103 billion and EPS of $1.42..
Tape efficiencies by numerous sectors helped fuel the results. Apple reported that the iPhone, wearables, and services sections each provided record sales.
That figure was $5 billion more than expected and constituted 59% of Apples overall revenue. Solutions growth likewise rose 24% year over year to $15.76 billion, while handily topping expectations of $14.89 billion.
While Apple generated robust development across its geographic sectors, it was sales in Greater China that stole the show. Revenue in the area skyrocketed 57% year over year as Chinese customers purchased the new iPhone 12 models, the first to feature next-generation 5G ability.
” Our December quarter organization performance was sustained by double-digit development in each item classification, which drove all-time income records in each of our geographic sections and an all-time high for our set up base of active gadgets,” said Luca Maestri, Apples CFO.
On the heels of a bullish call previously this week, expert Daniel Ives of Wedbush Securities called the results a “jaw-dropper” and a “kick-start to the 5G super-cycle,” going beyond even the most bullish expectations.
Image source: Apple.