Apple reported solid results with a quarterly revenue record of $97.3bn, up 9% YoY. Net income stood at $25bn, up 6% YoY. The divisional split in revenues are given below:
- iPhone revenues were at $50.57bn, up 5.5% YoY
- Services revenues were at $19.82bn, up 17.3% YoY
- Other Products revenues were at $8.81bn, up 12.4% YoY
- Mac revenues were at $10.44bn, up 14.7% YoY
- iPad revenues were at $7.65bn, down 1.9% YoY
Apple did not provide a guidance for the current quarter. The board authorized $90bn in stock buybacks and increased dividends by 5% to $0.23/share. Cash and cash equivalents on the company’s balance sheet were at $28.1bn. Apple’s CFO Luca Maestri warned of several challenges in the ongoing quarter, including Covid induced supply constraints that could hurt sales by $4-8bn.