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Apple Q1 2021 earnings report: $111.4B revenue and over 1B active iPhone users

28 January 2021 0

After posting all-time record revenue of $111.4 billion, Apple's CEO Tim Cook in an interview with Reuters disclosed that there are now 1 billion active iPhone users, a significant increase over the 900 active base mark the company disclosed in 2019. While the increase is pretty remarkable, it took Apple two years to reach the 1B mark.

According to Reuters’ report, the Chinese market has been the biggest push in accelerating the growth of the active base of iPhones. China provided a strong market for iPhone, with overall sales there rising 57% to $21.31 billion.

Tim Cook said to Reuters, “We had two of the top three selling smartphones in urban China." Cook told Reuters in an interview, adding that “upgraders, in particular, set an all-time record in China.”

Apple announced its financial results for fiscal 2021 first quarter on Wednesday, where it reported its holiday quarter (Oct-Dec 2020) sales and profits. Apple proudly announced all-time record revenue of $111.4 billion that beat Wall Street expectations.

The Cupertino-based company reported $28.6 billion in profits, compared to Q1 2020. This is up 21 percent year-over-year growth that Apple has experienced. The sales of iPhones are not the only contributors to Apple’s profits. During the quarter, Apple had launched several other products from its portfolio, including a new iPad Air, a new M1-powered MacBook, and Mac Mini. Apart from hardware, Apple also made strides in the software segment by introducing a subscription-based model with different tiers that bundle Apple’s services together.

The report from Reuters further breaks down the Q1 revenue across different categories. Mac shipments made $8.68 billion, iPad contributed $8.44 billion, iPhones made $65.6 billion revenue, services (Apple One bundle of television, music, and cloud storage) added $15.76 billion to the overall revenue, and other category constituting of wearables, smart home products, and accessories made $12.97 billion.

As usual, Apple does not disclose the exact shipment figures of its iPhones or any other product from a different category. But it is good to note which segment contributed the maximum to the overall revenue and helped Apple in outdoing its own target.

In the interview, Cook also acknowledged that iPhones, alongside Macs and iPads did run into supply constraints, majorly due to semiconductor industry crunch. However, he also referred to other areas of the supply chain that contributed to the constraints as well.


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Apple Q1 2021 earnings report: $111.4B revenue and over 1B active iPhone users
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