Apple smashes $100bn revenue for first time in single quarter

Tech titan reports ‘all-time high’ in many segments during its first quarter

Apple has shattered records across its portfolio as it reported revenues of $111.4bn for its first quarter.

The figure marks the highest ever reported by the company in a single quarter and is representative of the growth it has seen across the board for the three months ending 26 December 2020.

Despite the uncertain openings of retail outlets, iPhone sales grew by 17 per cent year-on-year to $65.6bn, driven by demand for its flagship iPhone 12, according to CEO Tim Cook. Its active install base of iPhones is now over one billion, he added.

Mac and iPad sales grew by 21 per cent and 41 per cent respectively due to remote working and learning restrictions implemented across the globe.

Increased demand around Christmas for its wearables and accessories resulted in that segment growing 30 per cent year on year. Apple also saw its Services revenue surpass $15bn for the first time.

"This deep integration of hardware, software and services, have always defined our approach here, and it has delivered an all-time quarterly Services record of $15.8bn," Cook said on an earnings call with investors.

"This was the first quarter of the Apple One bundle, which brings together many of our great services into an easy subscription and with new content being added to these services every day, we feel very optimistic about where we are headed."

Operating cash flow also hit an all-time high of $38.8bn.

"Our December quarter business performance was fuelled 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 CFO Luca Maestri on the same call.

The results mark a triumphant end to Apple's calendar year, which also saw it become the first company to hit a $2tn market valuation by Wall Street, a stock split that sent its share price soaring and saw it report its best-ever fourth quarter results.