Apple couldn’t have asked for a better quarter.
The company posted $111.4 billion in revenue and a net profit of $33.5 for the first quarter of 2021, showing double digit growth across all product categories. The results represent 21 percent growth on the $91.8 billion in revenue seen for Q1 2020.
The gross margin of $44.3 billion is up from Q1 2020’s $35.2 billion, while operating expenses are up/down year-on-year to $10.8 billion from $9.6 billion. Net profit is $33.5 billion, an improvement from $25.6 billion one year prior.
The high revenue is partly due to the seasonally higher sales of the iPhone 12, which hit $65.6 billion, up from $56 billion the previous year. It’s also thought that Apple’s decision to ship the new iPhone models later in the year carrier revenues over to Q1, helping to inflate the figures.
Revenue for the iPad grew to $8.4 billion for Q1 2020. The Mac also posted nearly 18 percent growth and was responsible for $8.7 billion for the latest quarter’s result.
Income from services rose 41 percent year-on-year, with revenues of $8.4 billion posted. Finally, Wearables, Home, and Accessories continued to rise from $10.1 billion in Q1 2020 to $12.97 billion for Q1 2021.
Along with the iPhone 12 launch, Apple also saw product launches with the Apple Watch Series 6, Apple Watch SE, 2020 iPad, iPad Air, HomePod mini, M1 Mac mini, M1 MacBook Air, the AirPods Max, and the M1 13-inch MacBook Pro.
Apple continued its trend of refusing to provide forecasts for the following quarter, something it has done since the beginning of the pandemic. In a cautious statement, CFO Luca Maestri said Apple expects revenue growth to accelerate year-over-year in the second quarter.
Stay tuned for additional details as they become available.
Via AppleInsider