Apple crushed its second quarter earnings expectations, on the back of double-digit growth in every single one of its product categories-- for the second quarter in a row.
The iPhone maker’s earnings for the quarter came in at $1.40, handily beating the $0.99 expected by analysts polled by Refinitiv. The figure is up +118% year-over-year.
Revenue grew +53.7% from the year-ago quarter to $89.58 billion vs. $77.36 billion estimated by analysts.
iPhone revenue in the quarter surged +65.5% year-over-year to $47.94 billion, exceeding analysts’ expectations of $41.43 billion.
Services revenue was $16.90 billion vs. $15.57 billion estimated, up 26.7% year over year .Other Products revenue came in at $7.83 billion vs. $7.79 billion estimated, up 24% year-over-year
The company’s Mac revenue grew +70.1% from the year-ago quarter to $9.10 billion vs. $6.86 billion estimated. iPad revenue was up 78.9% year-over-year to $7.80 billion vs. $5.58 billion estimated.
Apple’s gross margin was 42.5% in the quarter, compared to analysts’ forecast of 39.8%.
Apple did not issue any specific guidance on its June quarter (it hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty). However, Apple CFO Luca Maestri said that the company expects June quarter revenue to rise by double digits year-over-year, although it faces supply challenges due to the worldwide chip shortage.