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Apple ended 2020 with its most profitable quarter to date, generating $111.4 billion in quarterly sales in the quarter ended December 2020. The company’s profits rose by 29% to $28.76 billion in the quarter, driven by growth in all of its product segments. While iPhone revenues fell in the last quarter, the December quarter saw a year-on-year growth of over $65 billion, a 17% growth from the same quarter last year. Revenue from service offerings, which includes Apple Music, Apple TV+, Apple Arcade, Apple Fitness+ and more, grew to $15.7 billion in the December quarter this year, from $12.7 billion in the same quarter last year.

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While Apple crossed the $100 billion revenue mark for a single quarter for the first time, the company still hasn’t issued a guidance for the coming quarter, a trend that started since the pandemic driven lockdowns. Revenues from the Asia Pacific region (excluding China) grew by 11% year-over-year to $8.2 billion.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide," said Tim Cook, Apple’s CEO. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season," he added. The festive quarter has also been good for Apple in India, according to analysts. Experts said that the company has doubled its market share in the country, from 2% in the quarter ended December last year to 4% this year.

Apple also exceeded analyst expectations for this quarter, despite a high bar set by most analysts. Experts had said that the launch of 5G iPhones (the iPhone 21 series) could lead to a “super cycle" for the company, leading most of its users to buy the new devices. This seems to have offset the fact that supply chain constraints forced Apple to launch the iPhone 12 series later than it usually does every year.

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