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Apple (AAPL) -0.80% despite blowout Q1 as iPhone sales soar
Apple (AAPL) CEO Tim Cook said that he was “proud” of the tech giant’s performance in Q1 after it powered past earnings expectations, following strong overseas sales of its iPhones.
Late on Wednesday, Apple said that earnings for the three months to 31st March came in at $1.40 per share, which was 118% higher than a year ago and 41 cents ahead of the Wall Street consensus.
Group revenues also soared 54% to $89.58bn versus the comparatively conservative $77.35bn forecast.
However, Apple shares actually dipped in trading on Thursday after CFO Luca Maestri warned of a “steeper than usual” revenue decline in the future due to the ongoing semiconductor shortage, which is affecting its supply chain.
While this could be an issue, the strength of Apple’s latest showing was impressive, with revenue gains across all of its divisions.
The performance of its iPhone division, which has shown signs of slower growth in recent years, was emphatic as high demand in China pushed revenue to $47.94bn, up 65.5% compared to Q1 2020.
Mac ($9.10bn, +70.1%) and iPad ($7.8bn, +79.4%) revenue also surged as consumers flocked to Apple devices for both work and play during the pandemic.
Services, an area that Apple has focused on recently, grew 26.7% to $16.90bn, while Other Products revenue brought in 24% more at $7.83bn.
Apple also announced a $90bn stock buyback programme on Thursday.
In a conference call, Maestri said that revenue growth would still be strong in Q2, but stopped short of providing detailed guidance due to the uncertainty caused by the pandemic.
Despite the blowout quarter, Apple shares fell on the Nasdaq and were trading around 0.80% lower at $132.51 just after midday ET.
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