Apple is not providing specific guidance for Q1 2021 due to uncertainty surrounding the COVID-19 pandemic. Nonetheless, Apple CFO Luca Maestri did provide some broad expectations during a call with investors this afternoon.

Maestri emphasized that Apple’s expectations for the fiscal first quarter of 2021 are based on the assumption that the COVID-19 impact on its business will be similar in November and December to what it has been so far in October.

With that in mind, Maestri said that Apple expects iPhone revenue to grow during Q1 2021 compared to the year-ago quarter. Apple expects “all other products to grow double digits in aggregate” as well as double digit growth in Services.

For comparison’s sake, Apple reported record holiday earnings of $91.8 billion in revenue and profit of $22.2 billion in Q1 2020. Here is how Apple’s per-product category revenue broke down last year:

  • $55.96 billion: iPhone
  • $12.72 billion: Services
  • $7.16 billion: Mac
  • $10.01 billion: Wearables, Home, and Accessories
  • $5.98 billion: iPad

One thing that Maestri also pointed out is that the later iPhone 12 launch than usual also affects Q1 2021 earnings. The iPhone 12 and iPhone 12 Pro launched four weeks into the quarter, while the iPhone 12 mini and iPhone 12 Pro Max will launch seven weeks into the quarter.

On the flip side, Tim Cook emphasized that the initial data points on iPhone 12 and iPhone 12 Pro indicate that the lineup is off to a “great start.”

For the first time ever, we’ve launched four iPhones, and there’s an iPhone for everyone there. It’s the strongest iPhone lineup we’ve ever had by far. I look at the initial data points that we’ve got on iPhone 12 and iPhone 12 Pro, we are off to a great start.

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