Apple hits all-time record revenue, iPhone 12 is a ‘hit'

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Cupertino-based tech giant Apple announced its quarterly results late last night and recorded some impressive numbers. According to a press release issued by Apple, the company posted all-time record revenue of $111.4 billion, which is up 21% year-over-year. This is the first time Apple has broken the $100-billion revenue barrier in a quarter.
Fuelling this growth was none other than Apple’s most popular product — the iPhone. In the last quarter, iPhone sales contributed $65.5 billion. In comparison, during the same quarter in 2020, iPhone sales stood at $56 billion, which means there was a 17% increase year-over-year. While Apple doesn’t disclose individual iPhone sales figures, it’s clear by the number that the iPhone 12 has been a hit in the market.
“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Tim Cook, Apple’s CEO. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season. We are also focused on how we can help the communities we’re a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States.”
It wasn’t just iPhone that did the trick for Apple as other products chipped in handsomely as well. Revenue from Mac devices was $8.7 billion whereas iPad revenue was $8.4 billion. Wearables, home and accessories — Watch, AirPods, HomePod and others — contributed close to $12.9 billion whereas revenue from Services was $15.7 billion.
“Our December quarter business performance was fuelled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “These results helped us generate record operating cash flow of $38.8 billion. We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time.”

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