Apple earnings: Huge iPhone 12 sales beat analyst expectations
Apple (AAPL) reported its Q3 2021 earnings after the closing bell on Tuesday, beating analysts' expectations on strong iPhone sales performance and overall revenue growth of 36% year-over-year.
Here are the most important numbers from Apple's report and what Wall Street was expecting, as compiled by Bloomberg.
Revenue: $81.4 billion versus $73.8 billion expected
Earnings per share: $1.30 versus $1.01 expected
iPhone revenue: $39.57 billion versus $34.5 billion expected
Services revenue: $17.49 billion versus $16.3 billion expected
Mac revenue: $8.24 billion versus $7.99 billion expected
iPad revenue: $7.37 billion versus $7.13 billion expected
The company's stock was flat on the news.
“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” Apple CEO Tim Cook said in a statement.
The 12 has been a major seller for Apple, driving impressive growth in sales for the company at a time when smartphone sales were declining.
While hardware sales were strong for Apple, analysts have expressed concern that App Store revenue could begin to slow in coming quarters as consumers venture out into the world following coronavirus shutdowns.
But Apple’s next-generation iPhone, let’s call it the iPhone 13 for now, could help offset future App Store sales slowdown. That device, which is expected to launch in September, barring any unforeseen issues, could help push sales of the smartphone even higher than the iPhone 12, thanks to the fact that people going back into the world will want the latest devices to show off and that take advantage of the latest tech.
According to Bloomberg, Apple told its suppliers to build 90 million iPhones. That’s a massive jump from the 75 million the company ordered in 2020.
“Asia supply chain builds for iPhone 13 are currently in the 90 million to 100 million unit range compared to our initial iPhone 12 reads at 80 million units (pre-COVID) and represents a 15% increase [year-over-year] out of the gates,” Ives wrote.
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