Earnings season is upon us and, per usual, all eyes in the tech world are laser-focused on Apple’s Q3 earnings report. A short while ago, Apple posted its earnings results for the June quarter and delivered $81.43 billion in revenue and EPS of $1.3. Of that figure, Apple posted a profit of $21.7 billion for the quarter. Notably, analysts were anticipating revenue in the $72.9 billion range for the quarter. As a point of reference, Apple during the June quarter of 2020 posted revenue of $59.7 billion, a quarterly profit of $11.25 billion, and split-adjusted EPS of $2.58.
Impressively, and somewhat surprisingly, Apple’s bottom line wasn’t impacted by the COVID-19 pandemic in a meaningful way. If anything, Apple saw its revenue skyrocket over the past 12-15 months. This can be attributed to a strong product lineup along with remote workers purchasing new iPad and Macs en masse.
iPhone sales jumped significantly
All in all, it’s hard to overstate Apple’s tremendous quarter. Revenue skyrocketed by nearly 40%, an impressive figure given how much money Apple already rakes in. At the core of Apple’s impressive quarter is, of course, the iPhone. Though Apple doesn’t release unit sales figures anymore, iPhone revenue was up nearly 50% year over year. For the quarter, the iPhone accounted for $39.5 billion of Apple’s quarterly revenue.
Apple hardware also saw a boost
Year over year, Mac revenue shot up by 16% while iPad revenue was up by 12%. Without question, Apple’s Mac line is seeing a nice boost in sales from the company’s new M1 chip. Looking ahead, it stands to reason the Mac will continue to see impressive growth. This is primarily due to the Mx series processors which will soon populate the entirety of Apple’s product line.
Revenue from Apple’s “other products” line, which includes items like AirPods and the Apple Watch, checked in at $8.76 billion, a 40% jump year over year.
Apple’s suite of services accounted for $17.48 billion in revenue, a 33% increase from the same quarter a year ago.
Apple executives comment on the blowout quarter
“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” Tim Cook said in a press release.
“We’re continuing to press forward in our work to infuse everything we make with the values that define us — by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal, and engaging in the urgent work of building a more equitable future.”
Meanwhile, Apple CVO Luca Maestri noted that the June quarter was record-setting:
Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices. We generated $21 billion of operating cash flow, returned nearly $29 billion to our shareholders during the quarter, and continued to make significant investments across our business to support our long-term growth plans.
Another Apple dividend is on the way
Per usual, Apple will pay a quarterly dividend of $0.22 next month.