Apple Inc. Quarterly Report for Q3 Ended Jun 26, 2021

Summary

Apple Inc.'s Q3 2021 (ended June 25, 2021) report showcases exceptional financial performance, with total net sales surging 36% year-over-year to $81.4 billion. This growth was broad-based, with all product and service categories experiencing significant increases. The iPhone remained the primary revenue driver, showing a remarkable 50% increase in sales, highlighting the strong demand for newer models. The Services segment also demonstrated robust growth, increasing 33%, underscoring its increasing importance to Apple's overall business. Profitability also saw substantial improvement, with net income more than doubling to $21.7 billion, translating to a diluted EPS of $1.30. The company continued its aggressive capital return program, repurchasing $22.5 billion of its common stock and paying $3.8 billion in dividends. Apple's strong financial position, robust revenue growth across key segments, and effective capital allocation strategies indicate continued strength and shareholder value creation.

Key Highlights

• 1Total net sales increased by a significant 36% year-over-year to $81.4 billion, driven by growth across all product and service categories.
• 2iPhone sales experienced a substantial 50% increase year-over-year, indicating strong demand for new models.
• 3Services revenue grew by 33% to $17.5 billion, further solidifying its role as a key growth engine for Apple.
• 4Net income more than doubled to $21.7 billion, with diluted earnings per share rising to $1.30.
• 5The company repurchased $22.5 billion of its common stock and paid $3.8 billion in dividends, demonstrating a strong commitment to returning capital to shareholders.
• 6Geographic segments all showed robust year-over-year net sales growth, with Greater China experiencing an impressive 58% increase.
• 7Gross margin percentage improved significantly to 43.3% from 38.0% in the prior year's comparable quarter.

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