Apple business continues to grow despite the pandemic

Apple business continues to grow despite the pandemic

Apple reported massive business growth in its Q1 revenues despite the uncertainty brought about by the ongoing global pandemic.

Last year, the tech industry was shocked by the negative effects of COVID-19. Many events were pushed back because of production issues. Travel across the globe was hampered, which resulted in supplying chain disruption.

Fortunately, the tech industry still found its silver lining. People around the world were forced to work from home. As a result, the demand for tech products rose. Apple, for its part, wasn’t spared by the production issues because of the pandemic.

Nevertheless, it still powered through 2020, which resulted in a great Q1 start in 2021.

The pandemic-proof business of Apple

In its Q1 2021 earnings report, Apple shared that the company revenue for the quarter reached up to US$111.44 billion and profits of $28.76 billion. Apple never shares the actual number of units it sells. However, it gives an indication as to the percentage share of sales that each device contributes.

As expected, the iPhone drove the lion’s share of the total revenues at $65.6 billion. Last year, the company released four different phones that catered to specific market segments. Apple’s services sector and wearables, home, and accessories have an almost equal share of $15.76 billion and $12.97 billion, respectively.

Macs and iPads also have an almost equal share of $8.68 and $8.44 billion, respectively. These two categories are expected to grow even more as Apple churns out more devices powered by its M1 chips.

Tim Cook thanks its hardworking team

In its earnings report, Tim Cook recognized the work put in by Apple’s employees despite the hardship that 2020 posed. He said,

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide.”

Tim Cook also highlighted the company’s effort in promoting racial equity and justice. He added by saying,

“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.”

Apple still refuses to give guidance to investors

The tech giant continues to shy away from forecasting the performance of the company in the next quarter. As such, it refuses to give guidance to investors for the next quarter because of the pandemic.

Nevertheless, Apple is again poised to post huge growths as all-new products are released in the next couple of months.

 

Image from Shevon Salmon/ YouTube thumbnail

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