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.