Apple Revenue Surges up 54% in March Quarter as iPhone 12 Sales Booms

iPhone 12 and iPhone 12 Pro Max

Apple yesterday reported its fiscal Q2 2021 earnings in what was a record-breaking quarter. Apple had its highest-ever revenue for the quarter and also brought in the biggest ever revenue quarterly for its Services business. Apple recorded $89.6 billion in revenue, a 54% surge year over year as iPhone sales booms. The company’s net income also doubled to $23.6 billion (up 110%).

Despite the pandemic, Apple reported revenue records in each of its geographic segments and had a gross margin of 42.5% for the March quarter which is the highest the company has recorded in nine years. The 5G-enabled iPhone 12 performed very well, driving up Apple’s smartphone sales by 66% which amounted up to $47.9 billion.

Apple saw a massive growth in its Services department which includes the App Store, iCloud, Apple Pay, Apple Music and Apple TV Plus. The company had a 27% increase year over year bringing in a record $16.9 billion in revenue. Apple was able to add 40 million net paid subscriptions for the March quarter which brings its total paid services across the board to 660 million, a 28% increase year over year.

In its fiscal Q1 2021 earnings, Apple surged past the $100 billion for the first time ever in quarterly revenue and Q2 has proven to be yet another successful quarter for the Cupertino giant. Apple recently launched a new iMac and a new mini-LED display iPad Pro which is expected to perform well in the market.

Apple has a current market cap of more than $2.2 trillion and remains the biggest tech company in the world in terms of revenue.

Posted by Biodun

Passionate about Technology and everything concerning it. Avid Gamer and Music Lover. Loves Chelsea FC. Overall, a nice guy. Find me on Instagram and Twitter.

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