With all of the insanity surrounding the meteoric rise of Gamestop shares in recent days, you might have forgotten that earnings season is upon us. With the holiday quarter now firmly in the rear-view, a slew of bluechip tech companies are slated to release their earnings report for the holiday quarter over the next few days.
Earlier today, Apple posted its Q1 earnings report and delivered a record-breaking $111.44 billion in revenue and (split-adjusted) EPS of 1.68. As a point of contrast, Apple during the same quarter a year-ago posted revenue of $91.8 billion and EPS of $4.99.
Ahead of Apple’s earnings report, analysts on Wall Street were anticipating revenue of $103 billion and EPS of $1.41. Suffice it to say, Apple delivered yet another blowout quarter for investors that saw its revenue jump by an astounding 21% year-over-year and EPS jump by 35%.
“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” Tim Cook said in a press release. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season.
Breaking down revenue across product categories, the iPhone was responsible for $65.59 billion in revenue while the Mac and iPad delivered $8.68 billion and $8.48 billion in revenue, respectively. Apple’s burgeoning Services division, meanwhile, brought in $15.76 in revenue for the quarter. And lastly, Apple’s Wearables, Home, and Accessories product line brought in $12.97 billion in revenue.
Notably, Apple’s revenue increased across all geographic areas, with the biggest jump happening in China. Year-over-year, China-based revenue jumped by more than 56%.
Early on in the coronavirus pandemic, there were some well-grounded fears that Apple’s bottom line would take a huge hit for a period of months. The rationale, at the time, was that millions of people — as a result of the pandemic — have less disposable income and, as a result, are less inclined to purchase luxury items like new iPhones, AirPods, and new Macs.
Apple’s financial performance over the last nine months, however, has shown that Apple’s business can even withstand a global pandemic.
Just a few months ago, for example, Apple during the June quarter delivered $59.7 billion in revenue, an astounding figure that was impressively $6 billion higher than the company posted during the June quarter of 2019.
