May 18, 2021

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Apple Earnings (AAPL) Q2 2021

Apple Earnings (AAPL) Q2 2021

Tim Cook at the Apple event

Source: Apple

Apple reported a bumper quarter on Wednesday, announcing company-wide sales up 54% from last year and significantly higher profits than Wall Street expected.

Apple stock rose more than 4% at one point in extended trading.

Apple has seen double-digit growth in each of its product categories, and its most important product line, the iPhone, is up 65.5% from last year. Mac and iPad sales fared better, with its computers up 70.1% and iPad sales up nearly 79% year-on-year.

Apple said it will increase its dividend by 7% to $ 0.22 per share, and has authorized $ 90 billion in share buybacks, which is significantly higher than last year’s $ 50 billion outlay and $ 75 billion. 2019.

Here’s how Apple did it compared to Refinitiv’s estimates:

  • EPS: $ 1.40 vs. Estimated $ 0.99
  • Income: $ 89.58 billion vs. An estimated $ 77.36 billion, up 53.7% year-on-year
  • iPhone returned: $ 47.94 billion vs. An estimated $ 41.43 billion, up 65.5% year-on-year
  • Revenue services: $ 16.90 billion vs. An estimated $ 15.57 billion, up 26.7% year-on-year
  • Revenue from other products: $ 7.83 billion vs. Estimated at $ 7.79 billion, up 24% year-on-year
  • Mac is back: $ 9.10 billion vs. Estimate of $ 6.86 billion, up 70.1% year-on-year
  • iPad returned: $ 7.80 billion vs. An estimated $ 5.58 billion, up 78.9% year-on-year
  • Gross margin: 42.5% versus 39.8% estimated

Apple has not issued any official indications for what it expects in the quarter ending in June. He gave no indication of revenue since the start of the pandemic, citing uncertainty. This is Apple’s second consecutive quarter with double-digit growth across all product categories. Apple CFO Luca Maestri told analysts that the company expects revenue for the June quarter to increase double-digit year-over-year.

Apple has said in recent months that its business was boosted by the pandemic as consumers and businesses bought computers to work and play while at home. But Apple’s good results in the quarter suggest that the trend may persist as more economies open.

Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users fulfill this moment in their lives, and the optimism that consumers seem to feel. for the best days ahead for us. ”

Mac sales were up 70% and Cook said the result was “fueled” by the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of the processors it sold. by Intel. IPad sales increased nearly 79% year-on-year.

None of these findings include the iPad Pro or iMac models announced by the company in March, which should spur additional demand.

“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Cook told CNBC’s Josh Lipton. “And, in China, it’s even higher than that … it’s roughly two-thirds. And that speaks to people who prefer to work on Macs.”

Apple’s iPhone also performed well this quarter, allaying fears that the current annual cycle may slow. Last year, Apple released iPhones with a new exterior design and 5G support, which many investors felt might require a major refresh cycle, this quarter’s results indicate.

In greater China, which includes the mainland, Hong Kong and Taiwan, Apple’s revenue increased more than 87% year-on-year to $ 17.73 billion, although the comparison is with a quarter last year where the China was largely closed in the early days of the pandemic. Every other geographic category, including the Americas and Europe, also increased on an annual basis.

Apple’s high-margin services business, including iCloud, App Store, and subscriptions like Apple Music, also showed growth of 26.7%.

One metric Apple uses to show growth in services is the number of subscriptions it has, which not only includes its own subscriptions like Apple One, but also subscriptions via its App Store.

“We now have over 660 million paid subscriptions between services on the platform, an increase of 40 million from the previous quarter, an acceleration from 35 million,” Cook told CNBC.

However, Apple’s App Store has been challenged by lawmakers and companies who say it costs too much and has too much power. A closely followed trial with Fortnite producer Epic Games on App Store policies will kick off next week.

“The App Store was an economic miracle. Last year, estimates indicate that economic activity was over half a trillion dollars due to the store. And, therefore, this was just an economic change. for the United States, but different countries around the world. And we’ll go in and tell our story. We’ll see where it ends. But we’re confident, “Cook told CNBC.

Apple’s gross margin was also unusually high for the company. In most quarters, it tends to be between 38% and 39%, but in the quarter ending March, Apple reported margins of 42.5%.

This is the latest news. Please check back for updates.

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