Apple sets record high Q1 revenue of $111 bln

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Apple reported a bright start to its fiscal year after a record-setting Q1 in the fiscal year 2021.

Fiscal year Q1 which equates to a calendar year’s Q4, is historically a strong period for Apple as it includes the biggest shopping days of the year such as Black Friday, Cyber Monday and the December Christmas season.

Fiscal year Q1 is also the quarter immediately after the traditional release months of flagship products such as the iPhone and the MacBook, making it a lucrative period for Apple.

The quarter ended in the last week of December 2020 and by the end of it, Apple had set a new all-time high in revenue. For the quarter, Apple generated $111.4 bln in revenue a 21% YoY increase, according to data presented by TradingPlatforms.com.

In the 5-year period from 2016-2021, Apple’s Q1 revenue grew at a compound annual growth rate (CAGR) of 7.29%.

Apple’s quarterly net income also posted a record high with a net profit of $28.76 bln in Q1 2021. This is a 29.3% increase from Q1 2020’s figure of $22.24 bln. Apple’s quarterly net income for Q1 grew at a CAGR of nearly 10% from 2017-2021.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide. We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season,” said Apple’s CEO Tim Cook.


Revenue records in all geographical segments

On its way to posting its record quarterly revenue, Apple also set all-time highs in revenue for each of its geographic segments.

For the quarter, Apple’s revenue of $46.3 bln from the USA accounted for almost 42% of the entire quarter’s total revenue – a 12% YoY increase from 2020.

Apple’s revenue of $21.3 bln from their Greater China market experienced incredible YoY growth of 57% from 2019, the largest growth out of their geographical segments.

Japan also posted an impressive YoY growth of 33% to a value of $8.3 bln in 2020, while Europe posted revenues of $27.3 bln to register a YoY growth of 14.8%, while the rest of Asia Pacific grew by 11.5% YoY.


$66bln revenue from iPhone

Apple’s iPhone 12 was released in the Fall of 2020 and demand for the new unit continued on to the next fiscal year. As a result, the iPhone accounted for nearly 60% of Apple’s Q1 2021 revenue for a total of $65.6 bln – a 17% YoY increase from 2020.

The next largest share from its physical devices came from the wearables, home and accessories segment which generated revenues of just under $13 bln. This figure is almost 30% higher than Q1 2020’s figure.

The iPad and the Mac posted revenues of over $8 bln for the quarter, while Apple’s Services segment generated $15.8 bln in quarterly revenue.