Apple (AAPL) has officially reported its earnings for fiscal Q2 2021, covering the months of January, February, and March. For the quarter, Apple reported $89.6 billion in revenue and profit of $23.6 billion. This compares to the revenue of $58.3 billion and profit of $11.25 billion the company posted for the same quarter last year.
Apple touts that both Mac and Services categories have hit new all-time records for quarterly revenue. Overall revenue is a record for the March quarter. Apple’s gross margin for the quarter was 42.5 percent.
Apple did not provide guidance for Q2 2021 due to uncertainties caused by the COVID-19 pandemic, but analysts still had their expectations. The consensus view among analysts was for year-on-year revenue growth of anywhere from 32.2% to 36.8%, for revenue ranging from $77.1 billion to $79.77 billion. Apple crushed those estimates.
Apple also announced a dividend increase and an increase of $90 billion to the share repurchase program.
Apple’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock, an increase of 7 percent. The dividend is payable on May 13, 2021 to shareholders of record as of the close of business on May 10, 2021. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program.
Apple CEO Tim Cook had the following to say about Apple’s Q2 2021 performance:
“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” said Tim Cook, Apple’s CEO. “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.”
And CFO Luca Maestri added:
“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,” said Luca Maestri, Apple’s CFO. “These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter. We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers’ lives.”
AAPL stock is up over 3% in after-hours trading following Apple’s earnings release.
AAPL earnings by product
As has become customary, Apple does not report unit sales for any of its hardware products. Instead, it reports a breakdown of revenue by product category. Here are those numbers for fiscal Q2 2021:
- $47.94 billion: iPhone (Up 65%)
- $9.1 billion: Mac (Up 70% YOY)
- $7.81 billion: iPad (up 79% YOY)
- $7.84 billion: Wearables, Home, and Accessories (Up 24% YOY)
- $16.9 billion: Services (Up 26% YOY)
Stay tuned to 9to5Mac for more coverage from the AAPL earnings call with Tim Cook and Luca Maestri next. You can listen live to the AAPL Q2 2021 earnings call audio streaming at the top of the hour here or listen back shortly after the call with Apple Podcasts.
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