Apple just released its financial results for the quarter that ended March 27, 2021. And after a year-end boosted by the sale of the iPhone 12, the company is once again performing very well. Income for the first three months of 2021 was $ 89.6 billion, an increase of 54%. Profits doubled to $ 23.6 billion.
Of course, the iPhone 12 was a major contributor to this growth. Sales for this product category were $ 47.94 billion, an increase of 65.5% over the previous year. But Apple’s other product categories also saw double-digit growth. For example, service revenues increased by 26.7%. In addition, Apple now has a total of 660 million paying users across its various services.
The demand for Macs and iPads is exploding
But it was revenues from iPads and Macs that saw the greatest growth. Apple computers generated $ 9.10 billion, up 70.1%, while iPads generated $ 7.80 billion, up 78.9% year over year.
Apple attributes the growing demand for Macs to the introduction of the M1 chip, which enables the company to offer more powerful and energy-efficient machines compared to Macs with Intel processors. In addition, the M1 chip is said to have made many consumers buy Macs for the first time.
Nearly 50% of customers are said to be first-time Mac buyers. And in China it would be two thirds.
“This quarter reflects both the sustainable way our products have helped our users get through this moment in their lives and the optimism consumers seem to feel about better days for all of us,” said Tim Cook , Apple’s CEO, in a statement. “Apple is in a phase of massive innovation in our product line and we continue to focus on how we can help our teams and the communities in which we work get out of this pandemic for a better world. It certainly starts with products like the all-new iMac and iPad Pro, but it also extends to efforts like the 8 gigawatts of new clean energy we’re about to bring on the grid and our $ 430 billion investment in the US the next 5 years. “”
Luca Maestri, Apple’s finance manager, says the number of users of Apple products has reached a record level, which should be very good for the company’s services. Additionally, Apple continues to expect double-digit revenue growth for the next quarter, even if the company could suffer disruptions due to the semiconductor shortage.
As a reminder, Apple recently unveiled its new iPad Pro as well as a new iMac. These two products are expected to drive demand for Apple products in the coming months.