Summary
Apple Inc. reported a strong fiscal first quarter for 2021, with net sales reaching $111.4 billion, a significant 21% increase year-over-year. This growth was broad-based, with all product and service categories and all geographic segments showing increased net sales. The launch of the iPhone 12 lineup with 5G technology was a key driver, alongside continued strength in Mac, iPad, and the Wearables, Home, and Accessories segment. The Services segment also demonstrated robust growth, contributing positively to the company's top-line performance and demonstrating continued diversification. The company generated substantial operating income of $33.5 billion, a 31% increase from the prior year, indicating effective cost management and operational leverage. Diluted earnings per share rose to $1.68, up from $1.25 in the prior year's quarter. Apple continued its aggressive capital return program, repurchasing $24.0 billion in common stock and returning $3.6 billion in dividends, underscoring its commitment to shareholder value.
Financial Highlights
55 data points| Revenue | $111.44B |
| Cost of Revenue | $67.11B |
| Gross Profit | $44.33B |
| R&D Expenses | $5.16B |
| SG&A Expenses | $5.63B |
| Operating Expenses | $10.79B |
| Operating Income | $33.53B |
| Interest Expense | $638.00M |
| Net Income | $28.75B |
| EPS (Basic) | $1.70 |
| EPS (Diluted) | $1.68 |
| Shares Outstanding (Basic) | 16.94B |
| Shares Outstanding (Diluted) | 17.11B |
Key Highlights
- 1Total net sales increased 21% year-over-year to $111.4 billion, driven by strong performance across all product categories and services.
- 2iPhone net sales saw a significant 17% increase, largely attributed to the successful launch of the iPhone 12 lineup with 5G capabilities.
- 3The Services segment continued its growth trajectory with a 24% increase in net sales, highlighting its increasing importance to Apple's overall revenue.
- 4Operating income grew by 31% to $33.5 billion, demonstrating Apple's ability to translate sales growth into profitability.
- 5Diluted earnings per share (EPS) rose to $1.68, a substantial increase from $1.25 in the prior year's quarter.
- 6Apple repurchased $24.0 billion of its common stock and paid $3.6 billion in dividends, showcasing a strong commitment to returning capital to shareholders.
- 7Greater China segment sales experienced a remarkable 57% increase, indicating strong market demand in the region.