Apple announces $81.4 billion in revenue with 36% growth for Q3 2021 – much higher than expectations

Apple’s earnings report for the third quarter of 2021, records an impressive $81.4 billion in revenue with 36% Y-o-Y growth and quarterly earnings per diluted share of $1.30. The company saw a high increase in products sales, especially iPhones and all-time high services’ revenue.

Ahead of the Cupertino tech company’s announcement of the earnings report, analysts estimated $72.93 billion in revenue with a $1 increase in earnings per share. The estimations are based on the strong demand for the iPhone 12 series and the company’s steady supply chain amidst chip shortage, worldwide.

Apple’s iPhone sales saw the highest jump while iPad sales saw the least in Q3, 2021 

For the same quarter in the previous year, iPhone sales saw an impressive increase in the third quarter of 2021 ending in June. iPhone sales generated $39,570 million in Q3, 2021 with 46.5% growth . In Q3 2020, iPhone sales generated $26,418 million. Here is revenue of other products’ sales in Q3, 2021

• Mac – $8,235 million
• iPad – $7,368 million
• Wearable, Home, and Accessories – $8,775 million
• Services – $17,486 million

Although the company launched two new M1 iPad Pro models in April, their sales were affected by the ongoing global chip shortage. At Q2, 2021 earnings call, CEO Tim Cook confirmed that the shortage would have a negative effect on iPad and Mac sales in Q3. The delay in delivery due to supply chain disruptions cost Apple $4 billion in revenue.

Delighted by the company’s performance, Tim Cook, Apple’s CEO said:

“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important. We’re continuing to press forward in our work to infuse everything we make with the values that define us — by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal, and engaging in the urgent work of building a more equitable future.”

Luca Maestri, Apple’s CFO said:

“Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices. We generated $21 billion of operating cash flow, returned nearly $29 billion to our shareholders during the quarter, and continued to make significant investments across our business to support our long-term growth plans.”