Apple reports $81.4 billion in quarterly sales, hardware and services on the rise

Microsoft and AMD revealed their quarterly revenues a few hours ago and both reported a strong positive surge. It appears that another tech giant, namely Apple, has done quite well too. The Cupertino firm has reported a whopping $81.4 billion in net sales, which is a 36% increase compared to the same quarter last year.

An iPhone 12 on a wooden background

You can view the financial breakdown in detail here, but the meat of the matter is that Apple earned $81.4 billion in net sales in this quarter, up from $59.7 billion in the same quarter last year. Gross margins increased to $35.3 billion (up from $22.7 billion) headlined by strong growth in products and services. While cost of sales were higher in this quarter, they were offset by the similarly higher net sales, resulting in a healthy gross margin overall.

Meanwhile, net income almost doubled to $21.7 billion compared to $11.2 billion in the same quarter last year. In terms of regional breakdown for net sales, Americas and Europe led the pack with $35.9 billion and $18.9 billion respectively. China followed closely behind with $14.8 billion.

The Services category hit an all-time high of $17.5 billion in net sales. Apple will undoubtedly be pleased by how its hardware performed in terms of net sales across the board as well. The iPhone stood at $39.6 billion, up from $26.4 billion in the same quarter last year. Macs were at $8.2 billion, iPads commanded net sales of $7.4 billion, while wearables and accessories reported $8.8 billion.

Apple CEO Tim Cook had the following to say about the company's fiscal report:

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.

Quarterly earnings per diluted and basic share now stand at $1.31 and $1.30 respectively. The board of directors has also declared a cash dividend of $0.22 from the company's common stock. This will be payable on August 12 for people who are shareholders as of close of business on August 9.

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