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Record-breaking quarter sees Apple post revenue of $111.4bn despite pandemic

Paul Lipscombe
January 28, 2021

Revenue up 21 per cent year-on-year as latest iPhone range fuels growth

Record iPhone sales has helped Apple deliver an all-time record revenue of $111.4 bn (£81bn) during the last quarter.

Overall revenue for the last three months of 2020 grew by 21 per cent, as iPhone sales rose 17 per cent to $65.6 billion.

According to IDC, Apple shipped 90.1 million iPhones in Q4, the most any vendor has ever shipped in a single quarter.

Apple also reported that earnings per diluted share was up a record 35 per cent for the quarter to $1.68 (£1.23).

The strong quarter was helped by Apple’s recent flagship iPhone 12 launch, which delivered a 5G product range for the first and four new handsets.

Apple CEO Tim Cook highlighted an “enthusiastic customer response” helped the vendor to deliver the record breaking quarter.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide.

“We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season.”

Strong China performance 

A considerable driver for the surge was Apple’s strong performance in the Chinese market.

Apple grew its revenue by 57pc in China, which has largely reopened its economy, to $21.3bn.

Apple reported growth across all categories, as sales of Mac and iPads grew as consumers continue to stay at home, with many having to work from home worldwide.

Sales of wearables, home and accessories plus services also grew during the quarter.

PP Foresight analyst Paolo Pescatore commented on the latest results:

“Another blowout quarter with a strong set of results.

“Apple could not have timed the arrival of its 5G iPhone any better. The delay in the quarter helped fuel excitement and generate appeal among users waiting for a significant device upgrade.

“With a broad portfolio, Apple is very well placed to cater for a wide range of demands of working at home, teaching kids remotely and entertaining the entire household.

“Devices represent a key launchpad for its burgeoning services business. The year ahead will be pivotal for services, more so for its subscription offerings like Apple One as well as others.”

All the tech giants are benefiting from the increased stay at home restrictions fuelling demand for better devices and services.

Impressive results among the tech leaders will lead to further calls for regulatory scrutiny.

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