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Apple Earnings Beat Wall Street View, Revenues Top $100 Bln

apple earnings 110118 27jan21 lt

Apple Inc. (AAPL) Wednesday reported a first-quarter profit that trumped Wall Street estimates, as the iPhone maker's revenues topped $100 billion driven by strong demand for latest iPhones and wearables segment.

Apple's first-quarter profit rose to $28.76 billion or $1.68 per share from $22.24 billion or $1.25 per share last year. On average, 30 analysts polled by Thomson Reuters expected earnings of $1.41 per share for the quarter.

Apple's revenues increased 21% to $111.44 billion from last year's $91.82 billion. Analysts had a consensus revenues prediction of $103.28 billion.

Apple's revenues from iPhones rose to $65.60 billion from $55.96 billion last year. Mac sales increased to $8.66 billion from $7.16 billion last year, and iPad sales gained to $8.44 billion from $5.98 billion last year. Wearables, Home and Accessories segment improved to $12.97 billion from $10.01 billion last year, while services revenues increased to $15.76 billion from $12.72 billion a year ago.

"Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices," said Luca Maestri, Apple's CFO.

Apple's has also declared a cash dividend of $0.205 per share,payable on February 11, 2021 to shareholders of record on February 8, 2021.

Looking forward, the company did not provide an outlook for the current quarter.

AAPL closed Thursday's trading at $115.32, up $4.12 or 3.71%, on the Nasdaq. The stock, however, slipped $5.21 or 4.52%, in the after-hours trade.

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