Apple reported record quarterly earnings last night, with a net income of $23.6 billion on revenues of $89.6 billion, a gain of 54 percent year-over-year. That’s almost literally as much as Google and Microsoft combined.
“We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high,” Apple CFO Luca Maestri said. “These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter. We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers’ lives.”
As always, the iPhone was Apple’s biggest business in the quarter, with $47.9 billion in revenues, accounting for 53.5 percent of Apple’s overall revenues. More impressive, however, is the iPhone’s YOY revenue growth: Apple sold “only” 28.9 million iPhones in the year-ago quarter, so iPhone revenues grew an incredible 60 percent. Given the comparable product mixes and pricing, it’s reasonable to assume that iPhone unit sales grew by a similar number—let’s call it just north of 50 percent—YOY as well. That’s not just impressive, it’s something else entirely.
Apple’s other businesses saw incredible growth as well.
Services, Apple’s second-largest business, delivered $16.9 billion in revenues in the quarter, up 21 percent YOY. And Mr. Maestri said during the post-earnings conference call that Apple now has “more than 660 million paid subscriptions” across its Apple One and other subscription offerings. The Mac surged 41 percent to $9.1 billion in revenues. Wearables, Home, and Accessories delivered $7.84 billion in revenues, up 25 percent. And the iPad grew 44 percent to $7.8 billion in revenues.