Apple reports another blowout quarter with sales up 54%, authorizes $90 billion in share buybacks

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Apple reported a blowout quarter on Wednesday, announcing companywide sales up 54% higher than last year, and significantly stronger profits than Wall Street expected.  

Apple stock rose over 4% at one point in extended trading.  

Apple reported double-digit growth in every single one of its product categories, and its most important product line, the iPhone, was up 65.5% from last year. Its Mac and iPad sales did better, with its computers up 70.1% and iPad sales growing nearly 79% on an annual basis. 

Apple said it would increase its dividend by 7% to $0.22 per share and authorized $90 billion in share buybacks, which is significantly higher than last year’s $50 billion outlay and 2019’s $75 billion.  

Here’s how Apple did versus Refinitiv estimates: 

EPS: $1.40 vs. $0.99 estimatedRevenue: $89.58 billion vs. $77.36 billion estimated, up 53.7% year-over-year iPhone revenue: $47.94 billion vs. $41.43 billion estimated, up 65.5% year-over-year Services revenue: $16.90 billion vs. $15.57 billion estimated, up 26.7% year over year Other Products revenue: $7.83 billion vs. $7.79 billion estimated, up 24% year-over-year Mac revenue: $9.10 billion vs. $6.86 billion estimated, up 70.1% year-over-year iPad revenue: $7.80 billion vs. $5.58 billion estimated, up 78.9% year-over-year Gross margin: 42.5% vs. 39.8% estimated 

Apple did not issue official guidance for what it expects in the quarter ending in June. It hasn’t provided revenue guidance since the start of the pandemic, citing uncertainty. This is Apple’s second quarter in a row with double-digit growth in all product categories. Apple CFO Luca Maestri told analysts that the company expects June quarter revenue to rise by double digits year-over-year, although it faces some supply shortages due to the worldwide chip shortage.

Apple has said in the past months that its business has been boosted by the pandemic as consumers and businesses bought computers to work and entertain themselves while at home. But Apple’s strong results in the quarter suggest that the trend may persist as more economies open up.  

Or, as Apple CEO Tim Cook said in a statement: “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.” 

Mac sales were up 70%, and Cook said that the result was “fueled by” the company’s introduction of its Mac laptops that used its own M1 chips for longer battery life, instead of processors sold by Intel. iPad sales were up nearly 79% year-over-year. 

Neither of those results include iPad Pro or iMac models the