Apple posts another record-breaking quarter thanks to the iPhone

iPhone sales were up 50 percent year-over-year.
Nathan Ingraham
N. Ingraham|07.27.21

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Nathan Ingraham
July 27, 2021 5:02 PM
People walk past an Apple retail store on July 13, 2021 in New York City. - Stock markets were slightly softer on news of the biggest jump in US inflation in more than two decades and disappointment in results from US investment banks. As trading ended in London, Frankfurt and Paris, major indices hovered around the zero mark, while the Dow Jones index was also a tiny bit lower in midday New York exchanges. (Photo by Angela Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)
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Despite the pandemic, Apple has spent most of the last two years relentlessly upgrading its product lineup, and its moves are definitely paying off. The company just announced financial results for its fiscal year third quarter (for normal humans, the months of April through June), and the company made a shocking amount of money. All of its product segments (the iPhone, Mac, iPad, services, and wearables/home/accessories) increased in revenue year-over-year, leading to total revenue of $81.4 billion. As has often been the case, iPhone revenue of $39.6 billion made up almost half of that figure. 

Quarterly revenue was up 36 percent year-over-year, and as such profit grew in a big way, too — in fact, it nearly doubled. Apple reported $21.7 billion in net income, up 93 percent compared to a year ago.

As already mentioned, all of Apple's product categories grew last quarter, but the biggest winner was the iPhone. Revenue grew 50 percent year-over-year, making it pretty clear the iPhone 12 lineup is a major success for the company. Apple's services division continues to explode; $17.5 billion in revenue represented 33 percent growth, and the category makes more than double the money of any other division in Apple, with the obvious exception of the iPhone.

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The company's "wearables, home and accessories" group lumps the Apple Watch in with devices like the HomePod mini and the new AirTags. It grew 36 percent and made $8.8 billion in revenue. The Mac and iPad had more modest gains, with Mac revenue increasing 16 percent year over year to $8.2 billion and iPad revenue climbing 12 percent to $7.4 billion. While the Mac number isn't an eye-popper like services, it's worth nothing that just a few years ago, Mac revenue was pretty flat, sitting in the $4 billion range for a while — but it seems like the M1 Mac move has helped spur some big increases.

As usual, Apple CEO Tim Cook is holding a call with investors — we'll update this story with anything we learn.

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