Apple totally skipped the street and built their own! Apple reported their earnings on Tuesday posting sales that were far in excess of even the most optimistic analyst. For the three month spring period - April - June, Apple recorded an astounding $81.4 billion in revenue compared to $73 billion expected and up from $59.7 billion last year for the same period.
The good news doesn't stop there. Apple made a 93% year-over-year increase in net profit by netting $21.7 billion or about $1.30 per diluted share! Apple is still the iPhone company with $39.6 billion coming for iPhone, up 52% from last year. iPad revenue was up 12% at $7.4 billion and Mac sales grew 16% to $8.2 billion.
Apple's services business continues to grow at a astronomical rate, up 33% year-over-year at $17.5 billion. Wearables also continued to grow, posting a 36% growth to $8.8 billion!
"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," said Tim Cook. "We're continuing to press forward in our work to infuse everything we make with the values that define us — by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal, and engaging in the urgent work of building a more equitable future."
Because of the uncertainty of the pandemic, Apple once again, declined to provide specific guidance for the summer quart er except to say that they expect double digit growth but perhaps not as strong as this quarter due to less favorable foreign exchange rates and supply constraints.
Apple ended the quarter with about $194 billion in cash (wow!) and has a debt of $122 billion, yielding $72 billion in net cash. The Apple Board of Directors authorized a $0.22/share dividend. Apple returned $29 billion to shareholders in the quarter with $3.8 billion in dividends and $17.5 billion in stock re-purchases.
A truly remarkable quarter for Apple!