Apple Breaks Records with $111.4 Billion in Revenue for Q1 2021

Apple has just published its financial results for Q1 2021, with the company posting revenue of $111.4 billion. Apple CEO Tim Cook had this to say about the company’s record-setting quarter:

This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide. We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season. We are also focused on how we can help the communities we’re a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States.

Estimates and Expectations for Q1 2021

As was the case with Q4 2020, Apple did not provide financial guidance for Q1 2021 during its last earnings call due to the ongoing global pandemic. Nonetheless, reportedly strong iPhone sales and a flurry of new products late last year set high expectations among analysts.

Going into today’s call, Yahoo Finance said that:

The Zacks Consensus Estimate for revenues is currently pegged at $102.61 billion, indicating growth of 11.8% from the year-ago quarter’s reported figure.

Moreover, the consensus mark for earnings is currently pegged at $1.39 per share, unchanged over the past 30 days and indicating 11.2% growth from the figure reported in the year-ago quarter.

Graphical Visualization

After the break, we’ve compiled a graphical visualization of Apple’s Q1 2021 financial results.

Apple Q1 2021 on Twitter

nearly 75% of #AppleWatch buyers were new to the product - this certainly shows opportunity for #AppleFitnessPlus and offers better long term return vs higher upgrades #AAPL

— Carolina Milanesi (@caro_milanesi) January 27, 2021

OK, one more: Apple shares closed today at $142.06 per share.

Adjusted for splits and dividends, Apple shares closed 20 years ago at $0.30 per share.https://t.co/ZzV4aHEdk6

— MacJournals.com (@macjournals) January 27, 2021

Cook says active user base of iPhones is now more than 1 billion too.

Also, AirPods, Apple Watch and HomePod Mini drove wearables growth

— Ian Sherr (@iansherr) January 27, 2021

Cook on Apple Q1 earnings call: Record-setting number of FaceTime calls were made on Christmas 2020. (I was one of those ??‍♀️)

— Lauren Goode (@LaurenGoode) January 27, 2021

I say this every time the installed base number comes up these are all very enagegd users who provide a unique opportunity for services. it does not mean every service willbe a hit but the bundle sure makes it easier not care less about those that are not for you #AAPL https://t.co/5lQkXQgPn5

— Carolina Milanesi (@caro_milanesi) January 27, 2021

EARNINGS: Apple reports a blowout Q1, crossing the symbolic $100 billion mark in a single quarter for the first time.
-EPS: $1.68, vs. $1.41 expected
-Revenue: $111.44 billion, vs. $103.2 billion expected@CNBCJosh reports. https://t.co/twnr8W3Rqg pic.twitter.com/mR8YyI52UX

— CNBC (@CNBC) January 27, 2021

Apple revenues grew 21% year over year, and quarterly earnings up 35%.

— Horace Dediu (@asymco) January 27, 2021

Q1 iPhone Sales were $65.597B up from $55.957B in the same quarter year ago

— Horace Dediu (@asymco) January 27, 2021

Tim Cook, to @CNBC on iPhone sales: “They’re full of features that customers love, and they came in at exactly the right time, with where 5G networks were…” (ellipsis in original, 1/2)

— MacJournals.com (@macjournals) January 27, 2021

“Between the advances on 5G and the camera, customers really loved the models. The customer satisfactions is literally off the charts.” (2/2)

— MacJournals.com (@macjournals) January 27, 2021

$111.4 billion. Goodness.

— Joanna Stern (@JoannaStern) January 27, 2021

.@CNBC: Apple EPS $1.68 vs $1.41 estimates; Revenue $111.44B vs $103.28B estimate; gross margins 39.8%; iPhone revenue up to $65.6B (vs. $59.8B estimate); services $15.8B beats $14.80B estimate; “Wearables, Home & Accessories” $13B; Mac $8.7B; iPad $8.4B. Standby for more.

— MacJournals.com (@macjournals) January 27, 2021