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Apple recorded a revenue of $89.58 billion in Q1 versus $77.36 billion expected by analysts according to a survey conducted by Refinitiv.
Apple Inc (NASDAQ: AAPL) stock was up over 2.97% during Thursday’s pre-market to trade around $137.55. The spike was attributed to the first-quarter earnings, and revenue results announced on Wednesday. According to Apple, its sales jumped approximately 54% during the Q1 in respect to last year’s similar quarter.
Additionally Apple stock could have reacted to the news that the company has set aside $90 billion for share buybacks during the second quarter. Notably, the company used $50 billion in share buybacks last year and $75 billion in the prior year.
Most importantly, Apple recorded double digits in revenue in almost all its categories. As for the iPhone segment, the company recorded a jump of 65% in sales in relation to last year. On the other hand, the Mac and iPad segment recorded a jump of 70.1%, and 79% in sales respectively in the first three months.
Apple Q1 Results and the Market Outlook
During the first three months, Apple reported earnings per share of $1.40 against analysts’ expectations of $0.99 according to a survey conducted by Refinitiv. Apple recorded a Q1 revenue of $89.58 billion versus $77.36 billion expected by analysts according to a survey conducted by Refinitiv.
As for the iPhone segment, Apple recorded Q1 revenue of $47.94 billion, versus an expected revenue of $41.43 billion year-over-year. During the first quarter, Apple reported revenue of $16.90 billion for the services sector that deals with paid subscriptions.
For the Mac computers segment, Apple reported Q1 revenue of $9.10 billion versus an expected revenue of $6.86 billion by Wall Street analysts. As for the iPad section, the company reported a revenue of $7.80 billion versus an expected revenue of $5.58 billion. Other products that the company provides accounted for a revenue of $7.83 billion versus an estimate of $7.79 billion.
Apple as an American multinational technology company has observed a higher number of new buyers especially those who prefer to work using the Mac products.
“We’re seeing strong first-time buyers on the Mac … it continues to run just south of 50%,” Apple CEO Tim Cook told CNBC. “And, in China, it’s even higher than that … it’s more around two-thirds. And that speaks to people preferring to work on the Mac.”
China has rebounded from the coronavirus devastation at a faster rate than other developed economies, thus the explanation of higher sales in China. The sales observed during the first quarter were partly bolstered by M1 chips that enables the machine to operate on longer battery life.