There are not too many companies that have ever been able to report to Wall Street that they made $89.6 billion in one quarter, but that is the reality for Apple, which is up an incredible 54% from a year ago. Well, maybe it’s not so incredible, considering the world, and Apple stores everywhere were shut down because of the pandemic.
The more impressive number is how Apple crushed the forecast of $77 billion for this quarter. It adds up to profits of $1.4 per share for stockholders, demolishing the projected 98 cents that was predicted.
Tim Cook was beaming as you can imagine, and said more good times for his company are on the horizon. “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”
Apple crushed it in China, as revenue in the region that includes Hong Kong and Taiwan increased 87% from last year.
Every part of the planet had strong Apple sales last quarter. If there could be an Apple store in the middle of Antarctica, it would probably sell out everything there too.
Will the revenue reporting party continue into the next quarter? Apple’s CFO Luca Maestri said that he expects revenue to rise by double digits year-over-year for the quarter that concludes at the end of June, but he issued a little caution because the company faces some supply issues due to the worldwide chip shortage.