iPhone maker, Apple Inc. (AAPL) reported strong earnings for the holiday quarter thanks to strong sales of iPhones, wearables, and services. The company earned $1.68 a share on sales of $111.44 billion in its fiscal first-quarter ending December 26. Analysts expected Apple earnings of $1.41 a share on sales of $103.28 billion. Apple earnings increased 34% while sales climbed 21%, on a year-over-year basis.
iPhone revenue increased 17% to $65.6 billion, aided by the launch of the iPhone 12 series handsets. Apple’s iPhone business contributed 59% of the company’s sales in the period. Mac computer sales increased 21% to $8.7 billion in the fiscal first quarter. Apple’s iPad tablet sales surged 41% to $8.4 billion.
Apple’s Wearables, Home, and Accessories division saw revenue climb 30% to nearly $13 billion in the December quarter driven by its new models of smartwatches and AirPods. Apple services, including the App Store, iCloud, Apple Pay, Apple Music, Apple TV+ and more business witnessed 24% growth to $15.8 billion.
Apple did not give sales and earnings guidance for the current quarter. The company has not released financial guidance since the Covid-19 pandemic hit in early 2020, creating uncertainty for its business. Analysts predict Apple earnings of 91 cents a share on sales of $74.54 billion for the current quarter.
“Our December-quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” stated Chief Financial Officer Luca Maestri in a news release.
Apple reported the quarter with an installed base of 1.65 billion of its devices in use worldwide, Luca Maestri informed on a conference call with analysts.
Dow 30 component Apple (AAPL) has revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it. To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.
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