Apple this afternoon posted its Q2 earnings report and posted revenue of $89.6 billion and EPS of $1.40. Analysts on Wall Street, meanwhile, were anticipating Apple to deliver revenue of $76.9 billion and EPS of $0.98 per share for the March quarter. Suffice it to say, Apple, per usual, completely surpassed expectations on all fronts.
As a point of contrast, Apple during the same quarter a year-ago posted $58.3 billion in revenue and EPS of $2.55, or $0.63 when you take into account the company’s stock split late last year.
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As for revenue across individual product lines, the iPhone brought in $47.94 billion in revenue, well ahead of expectations of $41.4 billion.
Mac and iPad revenue, meanwhile, generated $9.1 billion and $7.8 billion in revenue, respectively. Services revenue, as anticipated, also jumped up to $16.9 billion for the quarter. And closing things out, Apple’s “Other Products” division — which includes the Apple Watch and AirPods — generated $7.83 billion in revenue.
Year over year, every one of Apple’s product lines saw tremendous growth, with iPhone sales jumping by 66%, Mac sales jumping by 70%, iPad sales jumping by 77%, and Services revenue jumping by 27%.
“We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high,” Apple CFO Luca Maestri said in a press release.
“These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter,” Maestri added.
It’s really hard to overstate how strong Apple’s March 2021 quarter was. Year over year, Apple saw its revenue jump by a whopping 54%, a sensational achievement when you consider how much money Apple was already raking in.
Apple also announced a quarterly dividend of $0.22 per share, a modest 7% increase from where it was.
All in all, it was an impressively strong quarter for Apple which saw the company open all of its retail stores back up in early March once the number of COVID cases started to go down. And looking back at the last 12 months as a whole, Apple performed incredibly well, all things considered. While some experts anticipated Apple would see a decline in sales and revenue due to COVID, Apple managed to set a number of financial records over the last year. During the most recent holiday quarter, for example, Apple posted a record-breaking $111 billion in revenue.
In the wake of Apple’s strong earnings report, shares of the company are up by nearly 4% in after-hours trading.