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Apple Firing On All Cylinders in First Three Months of 2021

This is a syndicated repost published with the permission of Statista | Infographics. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Following a strong end to 2020 that saw Apple beat its previous revenue and profit records in the fourth quarter, the world’s most valuable company carried that momentum into 2021. On Wednesday, the iPhone maker reported another blowout quarter that saw revenue soar by 54 percent to $89.6 billion in the three months ended March 27, the second quarter of Apple’s fiscal year.

The company posted high double-digit growth for all of its product categories, with iPhone, Mac and iPad standing out with 66, 70 and 79 percent year-over-year growth, respectively. While iPhone sales were driven by strong demand in China and the popularity of the re-designed iPhone 12, both Mac and iPad sales were powered by the pandemic-induced working-from-home trend and new models introduced in the fall. The new M1-powered Macbook was particularly popular, helping Apple to the best-ever quarter in terms of Mac sales.

“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,” CEO Tim Cook said, before hailing a “period of sweeping innovation” across Apple’s entire product lineup.

As the following chart shows, the iPhone accounted for more than half of Apple’s revenue last quarter, with the company’s services now the second largest contributor to overall sales. Having posted a record March quarter profit of $23.6 billion, Apple is now firmly on track to crush its previous record this fiscal year. Six months in, the company’s net income of $52.4 billion would already make this year the fifth most profitable in Apple’s history.

This chart shows Apple’s quarterly revenue by product category.

Apple quarterly revenue by product category

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