Apple crushes June quarter earnings records

The tech giant saw double-digit sales growth across each of its product categories

Apple announced Tuesday a new overall June quarter revenue record of $81.4 billion, a 36% year-over-year increase compared to $59.6 billion a year ago. The company posted a quarterly net profit of $21.7 billion, or $1.30 per diluted share, versus a profit of $11.2 billion, or 65 cents per diluted share, a year ago.

"This quarter saw a growing sense of optimism for consumers in the United States and around the world, driving renewed hope for a better future and for all that innovation can make possible," Apple CEO Tim Cook told analysts on the company's earnings call Tuesday. 


Apple chief financial officer Luca Maestri emphasized that the tech giant saw new revenue records in each of its geographic segments, double-digit growth in each of its product categories, and a new all-time high installed base of more than 1 billion iPhone devices.

Apple's services revenue reached a record $17.5 billion, up 33% year-over-year, with all-time records for cloud services, music, video, advertising, and payment services. The company now has over 700 million paid subscriptions across services on its platform, an increase of more than 150 million compared to last year.

Despite supply chain constraints, iPhone sales surged 50% year-over-year to $39.57 billion, Mac sales rose 16% year-over-year to $8.23 billion, iPad sales jumped 12% year-over-year to $7.36 billion. Sales in the Wearables, Home and Accessories segment also grew 36% year-over-year to $8.77 billion.

The United States led the company's net sales with $35.87 billion, followed closely behind by its Europe and Greater China segments net sales of $18.9 billion and $14.7 billion, respectively. Meanwhile, sales in Japan came in at $6.46 billion while the rest of the Asia Pacific segment came in at $5.39 billion.   


Looking ahead, Apple expects double-digit revenue growth below 36% in its September quarter, primarily due foreign exchange rates, a slowdown in the growth of its services segment and greater supply constraints related to silicon which are expected to impact iPhones and iPads. 

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Apple’s board of directors have declared a cash dividend of $0.22 per share of its common stock. The dividend is payable on Aug. 12 to shareholders of record as of the close of business on August 9. The company returned nearly $29 billion to shareholders during the quarter.

Despite the better-than-expected results, Apple shares are flat in after-hours trading Tuesday.