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In the end, it was devices like the iPhone 12, 12 mini, 12 Pro, and 12 Pro Max that did most of the heavy lifting. In Apple’s latest earnings release for 2020, CEO Tim Cook called iPhone sales “stronger than expected,” but weaker revenue figures this quarter suggested people were expecting shiny new hardware. When it happened, well into Apple’s next fiscal quarter, sales exploded. The company reported $ 65.6 billion in iPhone revenue alone in the past three months; it’s (yet another) all-time high for Apple smartphones, not to mention more revenue than what the whole company happened just a few years ago. The pent-up demand for a 5G iPhone was almost certainly a big driver for buyers in China, and they came out in force: sales in the Greater China region soared to $ 21.3 billion, from just $ 13. $ 6 billion in the quarter of last year.
Meanwhile, Apple’s service business – which has long kept the company stable despite the evolving popularity of its hardware – has also seen strong growth. Revenue jumped to $ 15.8 billion (another all-time high) – from $ 12.7 billion this time last year. For now, however, Apple’s most trusted business segment remains somewhat impenetrable. Neither Cook nor CFO Luca Maestri specified what remarkable services helped fuel growth in the company’s initial statement, although executives were a little more outspoken in the usual investor call after the results.
Cook was quick to shout about new developments in App Store accessibility and noted that this was the first quarter that Apple One bundle subscriptions were represented in revenue. Maestri later stepped in to note that the company now has over 620 million paid subscriptions on the books. On the flip side, Apple Fitness was probably too new to make its mark, and one of Apple’s most prominent bets – Apple TV + – at least partially remains unrepresented here. Earlier this week, it was reported that anyone who had previously purchased a one-year free trial of the company’s streaming service could continue to use it. free at least until July 2021.
Apple is probably thrilled with how it performed over the past three months, but a bigger question remains: Can the company keep up this momentum? Probably not, but we’ll listen to the call from investors in case Cook or Maestri still have some juicy tidbits to divulge.
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