Apple saw double-digit growth in the first quarter of 2021 across its business, driven by iPhone sales which jumped two-thirds from a year ago.
The world’s largest company said its revenue jumped 54% in its fiscal quarter to $ 89.6 billion, far exceeding the already high forecast of $ 77 billion. Net profits soared 110% to $ 23.6 billion.
Total iPhone sales increased 66%, bringing in $ 47.9 billion – or 54% of all revenue – as consumers around the world upgraded their phones to the first line of 5G-capable iPhones. .
Luca Maestri, Apple’s chief financial officer, told the Financial Times that each region grew by at least 35%, led by a 94% gain in Asia-Pacific to $ 7.5 billion. In the Americas, its largest region, revenues increased 35% to $ 34.3 billion.
Revenue in China rose 87% to $ 17.7 billion, with different iPhone models being the two best-selling smartphones in the country.
“Keep in mind that a year ago China was the region most disrupted by Covid because it went into lockdown earlier than anyone,” Maestri said.
Tim Cook, Managing Director, said the results reflected “the enduring ways our products have helped our users experience this moment in their own lives.” He added, “Apple is in a period of radical innovation across our entire product line.”
Mac sales rose 70% to $ 9.1 billion and iPad sales jumped 79% to $ 7.8 billion. Maestri said the past three quarters were the biggest on record for the Mac, a product that dates back three decades, thanks in large part to the work-from-home trend.
Apple’s wearable business, which includes AirPods, Apple watches and accessories, grew 25% to $ 7.8 billion. That made it the slowest of the five categories, even though it set a record for its March quarter.
Maestri said the services division, which includes App Store revenue and licensing, also set a record with 660 million paid subscriptions, up 40 million from the previous three months. Its revenue was $ 16.9 billion, up 27%, growth about 10 percentage points above forecast.
As cash continues to accumulate on its balance sheet, Apple has announced a $ 90 billion share buyback program.