not vested
Apple Smashes Q1 Earnings Forecast on Surging China Sales; Revenues Hit Record $111 BillionApple saw a 57% surge in China sales over the December quarter, helping drive a record top line and much stronger-than-expected first quarter earnings.
by MARTIN BACCARDAX
Apple Inc. (AAPL) - Get Report posted stronger-than-expected first quarter earnings Wednesday, and its first print of revenues over $100 million, thanks in part to surging China sales and demand for its new iPhone 12.
Apple said profits for the three months ending in December, the tech giant's fiscal first quarter, were pegged at $1.68 per share,
up 34.4% from the same period last year and well ahead of the Street consensus forecast of $1.41.
Group revenues, Apple said,
rose 21% from last year to a record $111.44 billion, again topping analysts' estimates of a $103.3 billion tally.
Greater China revenues surged 57% to $21.3 billion, Apple said, helping iPhone revenues rise 17% to an all-time high of $65.5 billion, thanks in part to the launch of its new iPhone 12 suite of smartphones late last year amid COVID-related disruptions to its global brick-and-mortar network of stores.
Services revenue rose 24.2% to $15.8 billion, Apple said, with more than 620 million subscribers across all of its platforms.
Mac sales, Apple said, rose 21.2% to $8.68 billion, while sales from its wearables, home and accessories division jumped 30% to $13 billion, "driven by holiday demand for the latest Apple watch," Cook said.
iPad sales were up an astonishing 41% to $8.44 billion.
“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.
Cook said the gains helped lift its total installed base of devices past 1.65 billion, with more than 1 billion iPhones active and outstanding and records in each of its project categories.
Source: The Street
https://www.thestreet.com/investing/app ... 11+Billion
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