Apple had its biggest-ever quarter after the launch of the iPhone 12, the tech giant’s first 5G smartphone, blowing past Wall Street estimates.
The company posted $111.4 billion in sales for the three months ended Dec. 26, up 21% year over year. It was a quarterly record and Apple’s first quarter of revenue of more than $100 billion. Net income came in at $28.8 billion, or $1.68 per diluted share (up 35% from the year-ago period).
Wall Street analysts on average had expected revenue of $103.28 billion and EPS of $1.41, per Refinitiv.
In the quarter, Apple’s first quarter of fiscal 2021, iPhone sales jumped 17%, to $65.6 billion. Services revenue rose 24%, to $15.8 billion.
“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Tim Cook, Apple’s CEO, said in a statement.
The iPhone 12 models first went on sale in late October. The 6.1-inch iPhone 12 starts at $799, the iPhone 12 mini with a 5.4-inch screen starts at $699; the iPhone 12 Pro with a 6.1-inch screen starts at $999; and the iPhone 12 Pro Max, whose 6.7-inch screen is the largest screen Apple has ever produced, started at $1,099.
Apple said that in tests, the iPhone 12 models achieved 5G speeds up to 4 Gbps under ideal conditions on networks that use higher-frequency millimeter wave 5G (although the company cautioned that real-world speeds will vary).