Apple posts astounding Q2 revenue and profits

Apple has posted a massive result for their Q2 2021 quarter, generating a massive $89.6 billion in revenue, up 54% YoY. Profits increased 110% to $23.6 billion.

Apple’s sales were up in every category:

• iPhone revenue hit $47.9, up from the $28.96 billion in Q2 2020.
• iPad revenue was $7.8 billion, up from $4.4 billion one year ago
• Mac revenue was $9.1 billion, up from Q2 2020’s $5.4 billion
• Wearables, Home, and Accessories hit $7.8, up from $6.3 billion last year.
• Services revenue: $16.90 billion  up 26.7% year over year

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Apple CEO Tim Cook. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season. We are also focused on how we can help the communities we’re a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States.”

Even Apple’s gross margin for the quarter increased to 42.5%, up from 38.4%.

Compared to other technology companies:

• Apple: Profits up 110% to $23.6 billion.
• Google: Profits up 162% to $18 billion.
• Microsoft: Profits up 55% to $15.5 billion.
• Facebook: Profits up 94% to $9.5 billion.

Apple has not provided a forecast for Q3 2021, but it seems the company is doing a pretty good job justifying its $2.3 trillion valuation.