Apple (AAPL) today announced financial results for its fiscal 2021 third quarter ended June 26, 2021. 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.
“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,”
“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.”Tim Cook, CEO of Apple
Here’s what Wall Street is expecting from Apple, as compiled by Bloomberg, versus how it performed in the same quarter last year.
- Revenue: $73.8 billion expected versus $59.7 billion in Q3 2020
- Earnings per share: $1.01 expected versus $2.58 in Q3 2020
- iPhone revenue: $34.5 billion expected versus $26.4 billion in Q3 2020
- Services revenue: $16.3 billion expected versus $13.2 billion in Q3 2020
Setting the bar high each time.
The mega tech behemoth has been an investors’ favourite. Since early 2017, it has been delivering blowout earnings each quarter.
In its fiscal Q2, AAPL surpassed Wall Street’s expectations with a $23.6 billion profit on revenues surging 54% to $89.6 billion. iPhone revenue in fiscal Q2 rose 65.5% to $47.94 billion, beating Wall Street estimates by $6 billion. International sales accounted for 67 per cent of the quarter’s revenue.
Q3 2021 is significant as it marks the full first quarter since Apple launched new hardware like the M1 iPad Pro, updated Apple TV 4K, and AirTag tracking accessory.
Software update and iPhone 13
Apple recently released the latest software for three of its most significant products — iPhones, MacBooks, and iPads. The update fills a security hole that hackers may have exploited. According to the company’s press statement, macOS Big Sur 11.5.1, iOS 14.7.1, and iPadOS 14.7.1 are recommended for all users.
In the release notes for macOS, Apple states that an application may execute arbitrary code with kernel privileges. Claiming to be aware of a report that this issue may have been actively exploited, Apple recommends updating Macbook users.
Apple’s next-generation iPhone, ‘iPhone 13’, is expected to launch at some stage in September 2021.
“Asia supply chain builds for iPhone 13 are currently in the 90 million-100 million unit range compared to our initial iPhone 12 reads at 80 million units (pre-COVID) and represents a 15% increase [year-over-year] out of the gates,” says Wedbush’s Dan Ives.
Earlier during the Q2 earnings release, Apple’s CEO Tim Cook said, “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping the focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.”
Apple will provide live streaming of its Q3 2021 financial results conference call beginning at 2:00 p.m. PT on July 27, 2021, at https://www.apple.com/investor/earnings-call/.