Wednesday, July 28, 2021

Apple’s Q3 2021 Results

Apple (Hacker News):

The Company posted a June quarter record revenue of $81.4 billion, up 36 percent year over year, and quarterly earnings per diluted share of $1.30.


“Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “We generated $21 billion of operating cash flow, returned nearly $29 billion to our shareholders during the quarter, and continued to make significant investments across our business to support our long-term growth plans.”

Jason Snell (transcript):

There will be a lot more to say about it momentarily, but here are the charts….

John Voorhees:

After the break, we’ve compiled a graphical visualization of Apple’s Q3 2021 financial results.

Michael E. Cohen and Josh Centers:

Q3 iPhone revenues shot up an impressive 49.8% year over year, from $26.4 billion in Q3 2020 to $39.6 billion this quarter.


The iPad brought in $7.4 billion in revenue, handily beating the $6.6 billion it brought in one year ago, an increase of 11.9%. You would have to go back to 2012 to find a June quarter in which iPads brought in more revenue than this year.


Apple’s Mac products also exhibited strong growth, with a year-over-year increase of about 16%, from $7.1 billion in revenue in Q3 2020 to $8.2 billion this quarter. Cook said this was a new Q3 record for the Mac, thanks to the new M1-based iMac.


In plain English, the chip shortage that’s affecting the entire supply chain is looming over Apple. While Apple said it was able to mitigate those issues in Q3, it’s looking less likely in Q4.

Eric Slivka:

Gross margin for the quarter was 43.3 percent, compared to 38.0 percent in the year-ago quarter.

Juli Clover:

Apple now has more than 700 million paid subscriptions, which is up 150 million from last year, and is four times the number of subscriptions that Apple had four years ago.

David Sparks:

However, the most interesting number for me was services, which represent 21% of Apple’s revenue. That’s right. Apple makes more now on services than it does on the Mac and [iPad] combined.

This causes me a slight pause because historically, Apple has always been a product company. They made gizmos and we gave them money for the gizmos. Being in the gizmo business lead Apple to a particular set of priorities and serious commitment to customer experience.

Edward Snowden:

Apple today: “In 3 months, we spent $10 billion on dividends and $66b on stock buybacks.”

Sure sounds like a good time to commit $10b to improving iOS security, since companies are selling iPhone hacks for less than your lunch money to actual murderers[…]


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