Apple shattered its previous records for revenue and profit, posting double-digit growth across all product categories and best-ever iPhone user numbers in its fiscal Q1 2021 (26 September to 26 December 2020).

On an earnings call, CFO Luca Maestri noted Apple’s iPhone customer base topped 1 billion, while segment revenue increased 17 per cent year-on-year to $65.6 billion. Wayne Lam, a senior director at analyst company CCS Insight, noted in a tweet it was the “biggest jump in sales for the last four years”.

Maestri highlighted strong demand for Apple’s top-tier iPhone 12 Pro and Pro Max models, and solid sales in China as key growth drivers, adding “probably there was also some level of pent up demand for 5G iPhones”.

CEO Tim Cook (pictured) said there was an increase in the number of people switching to iPhone and “the largest number of upgraders that we’ve ever seen in a quarter”.

Metrics
Net profit of $28.8 billion was up 29 per cent, with revenue growing 21 per cent to $111.4 billion.

Services revenue grew 24 per cent to $15.8 billion; Wearables, Home and Accessories 30 per cent to $13 billion; Mac 21 per cent to $8.7 billion; and iPad 41 per cent to $8.4 billion.

Maestri noted Apple now has more than 620 million paid subscriptions across its services, up 140 million. He added its Wearables business is “now the size of a Fortune 120 company”.