Apple experienced a record-breaking quarter in Q1, generating $111.4 billion in revenue.
The staggering amount represents a growth rate of 21 per cent year-over-year. Moreover, its earnings per diluted share (ESP) grew 35 per cent to $1.68. Overall, international sales accounted for 64 per cent of the company's earnings.
China has proven to be a big part of this growth, as $21.3 billion was generated in the region for the three months ending December 26th. Compared to the $13.5 billion it generated the year before.
Moreover, each product category experienced growth for the quarter, of which iPhone was the greatest earner with $65.6 billion. A significant rise from the $56 billion the product generated in Q1 FY20.
“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,” said Apple CFO Luca Maestri.
“These results helped us generate record operating cash flow of $38.8 billion. We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time.”
A great effort
“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Apple CEO Tim Cook.
“We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season.
"We are also focused on how we can help the communities we’re a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States.”
Recently, Apple's head of engineering Dan Riccio stepped down to focus on a new project. He was replaced by John Ternus.