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Apple Inc. records a “Mic Drop” performance in March-quarter

Apple Inc.

Source: AppleInsider

Apple Inc. (Ticker: AAPL) is one of the world’s top technology companies that makes our beloved iPhones, iPads, MacBook devices, AirPods, Apple Watch, Apple TV and now Apple AirTags along with multiple subscription-based services and applications. Well, recently the trillion-dollar company has earned revenue sales worth USD 89.58 billion at USD 1.40 per share which significantly exceeds Wall Street’s expectations. The phenomenal numbers come as the company’s March quarter concludes on 27th March 2021.

Speaking of Wall Street, the reported expectations that it had from Apple’s March quarter amounted to earnings of 99 cents (USD) apiece with revenue sales worth USD 77.35 billion. The March quarter for Apple Inc. was an absolute success crushing Wall Street’s numbers and the major reason for this blowout is the company’s iPhone sales.

As mentioned in a report by Investors.com, Apple Inc.’s iPhone sales have jumped up by 66% in the March quarter to a revenue sale of USD 74.94 billion. The report further mentions that this product category accounts for 53.5% of the total company’s sales in the mentioned quarter.

Apple Inc.’s gross profit margin as expected by Wall Street was supposed to be 39.7% but instead, the company reports a profit margin of over 42.5%.

Apple’s latest iPhone 12 series have turned out to be the majority’s upgrade iPhone for this season, a “super-cycle of upgrade activity” as quoted by Daniel Ives, a Wedbush Securities analyst. It was indeed a “drop the mic” performance by Apple in this March quarter, says Ives.

Chief Executive Officer, Tim Cook says, “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us.”

As mentioned in a report by Investors.com and confirmed by trusted sources, Apple Inc. has also announced to have increased its existing share repurchase program by USD 90 billion along with a 7% increase in its cash dividend to 22 cents (USD) per piece.

The iPhone maker has been in profits and exceeding expectations in all major product categories including Mac Computers and Apple’s service units. These categories have jumped 70% in sales to USD 9.1 billion and 26.6% to USD 16.9 billion in the March quarter, respectively.  On the other hand, iPad sales have also recorded a significant jump of 79% in sales to USD 7.8 billion.

The COVID-19 pandemic has globally induced and introduced a new work from home culture and school from home setup for students. This new change called for necessary gadgets and as a result, MacBook and iPad sales have been trending all over the market, surpassing all Wall Street expectations.

After reading these statistics on Apple’s March quarter, I am truly convinced by Daniel Ives words- a “Drop the Mic” quarter for Apple Inc. As multiple reports are speculating, the iPhone maker could be driving this tock to a USD 3 trillion market cap over the next Financial Year 2022.

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