[Asia Economy Reporter Seulgina Cho] Apple's quarterly revenue has surpassed $100 billion for the first time ever. Not only the first 5G smartphone, the iPhone 12, but also key sectors such as Apple TV services, iPad, and Mac all recorded double-digit growth.
On the 29th (local time), Apple announced after the New York Stock Exchange closed that it achieved revenue of $111.44 billion in the fourth quarter of last year (Apple's fiscal year 2021 Q1). This represents a 21% increase compared to the previous year. Earnings per share (EPS) for the same period were $1.68.
This exceeded all Wall Street consensus estimates compiled by financial information firm Refinitiv. The previously released average market forecast was EPS of $1.41 and revenue of $103.28 billion.
Economic media CNBC reported, "This is the first time Apple has crossed the symbolic $100 billion mark in a single quarter," adding, "It is not just due to sales of the first 5G smartphone, the iPhone 12." Apple CEO Tim Cook stated, "The results would have been better if not for the impact of the COVID-19 pandemic and Apple Store closures," noting, "iPhone and wearables are significantly affected by these factors."
Apple's flagship iPhone revenue reached $65.6 billion, a 17% increase from the previous year, surpassing market expectations of $59.8 billion. This is interpreted as pent-up demand after the COVID-19 outbreak being concentrated on the iPhone 12. Typically, Apple unveils new iPhones every September, but last year the iPhone 12 was announced in October, fully reflecting in the fourth-quarter results. Earlier, CEO Cook had also expressed optimism about iPhone 12 sales due to 5G adoption and carrier promotional marketing.
In the fourth quarter of last year, revenue from the services division, including the App Store and Apple TV, was $15.76 billion, a 24% increase from the previous year, exceeding market expectations of $14.8 billion.
The iPad segment posted revenue of $8.44 billion, showing a strong 41% growth compared to a year earlier. The Mac business, including laptops and desktops, also recorded $8.68 billion in revenue, up 21%. This is interpreted as increased demand for laptops and tablets due to the surge in remote work and online classes amid the COVID-19 pandemic.
Revenue from other product categories, including wearable products such as Apple Watch and AirPods, also reached $12.97 billion, a 29% increase from the previous year.
Apple did not provide earnings guidance this time either. Since the spread of COVID-19, Apple has continued this approach citing uncertainty.
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