Apple Inc. (NASDAQ: AAPL) said on Wednesday that its sales topped £75 billion for the first time in history on the back of robust demand for its all-new iPhone 12. The technology giant reported £81.36 billion of revenue in the fiscal first quarter versus the year-ago figure of £67.06 billion.
Apple shares were reported more than 0.5% down in after-hours trading on Wednesday. The iPhone maker said that its net income in the first quarter printed at £21.01 billion that translates to £1.23 per share. In the comparable quarter of last year, Apple’s net income stood at a lower £16.24 billion or 91 pence per share.
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According to Refinitiv, experts had forecast the company to record £75.43 billion of revenue in Q1. Their estimate for per-share earnings was capped at a lower £1.04. In separate news from the United States, Automatic Data Processing also published its quarterly financial results on Wednesday.
Apple generates £47.91 billion of revenue from iPhones
According to the American multinational, it generated £47.91 billion of revenue from iPhones in the recent quarter that represents a 17% year over year growth. Analysts, on the other hand, had expected a lower £43.68 billion of iPhone revenue. iPhone sales had come in 20.7% lower in the prior quarter (Q4).
Services revenue, as per the Cupertino-based company, registered at £11.51 billion or 24% higher than last year. At £9.47 billion, other products revenue jumped 29% on an annualised basis in the fiscal first quarter.
Consensus estimates for revenue from these two segments stood at £10.81 billion and £8.74 billion, respectively.
Other prominent figures in Apple’s earnings report
Other prominent figures in Apple’s earnings report on Wednesday include £6.34 billion of Mac revenue – a 21% increase as compared to the same quarter last year. iPad revenue, Apple said, saw a 41% growth in Q1 to £6.16 billion.
Experts, on the contrary, had predicted a marginally higher £6.35 billion of Mac revenue in the recent quarter and a lower £5.45 billion if iPad revenue. The tech firm reported an increase in its gross margin from 38% to 39.8% in Q1.
Apple refrained from giving its financial guidance for the future on Wednesday. FactSet Consensus for its per-share earnings and sales in the second quarter currently stands at 66.46 pence and £54.08 billion, respectively. At the time of writing, Apple Inc is valued at £1.75 trillion and has a price to earnings ratio of 43.37.