Apple Posts Record June Quarterly Revenues, Blowing Past Wall Street Expectations [Update]

Apple reported record June quarter revenues of US$81.4 billion on Tuesday, a 35% gain year-over-year and blowing past Wall Street consensus estimates of $73.3 billion. Apple also reported earnings per share (EPS) of $1.30, which was also well above Wall Street’s consensus of $1.01 EPS. Total profits clocked in at $21.7 billion.

Shares of $AAPL ended the day lower at $146.77, down $2.22 per share (-1.49%), on moderate volume of 94.3 million shares trading hands. The after hours market quickly erased those losses in the minutes leading up to Apple’s announcement, and as of this writing, $AAPL is trading at $147.565 per share, a gain of $0.795 (+0.54%). [Update: the after hours market then gave back some of those gains, sending $AAPL to $146.23, down 0.54 (-0.37%), where it bounced around in the lead up to Apple’s quarterly conference call with analysts.

“This quarter, our teams built on a period of unmatched innovation by sharing powerful new products with our users, at a time when using technology to connect people everywhere has never been more important,” Apple CEO Tim Cook said in a statement. “We’re continuing to press forward in our work to infuse everything we make with the values that define us — by inspiring a new generation of developers to learn to code, moving closer to our 2030 environment goal, and engaging in the urgent work of building a more equitable future.”

Apple CFO Luca Maestri added, “Our record June quarter operating performance included new revenue records in each of our geographic segments, double-digit growth in each of our product categories, and a new all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “We generated $21 billion of operating cash flow, returned nearly $29 billion to our shareholders during the quarter, and continued to make significant investments across our business to support our long-term growth plans.

Other Notable Numbers from Apple’s Q3 Earnings Report

• Apple’s iconic iPhone product line grew 33% year-over-year to $39.6 billion.
• iPad revenues were $7.37 billion, up 12% year-over-year.
• Mac revenues were $8.24 billion, up 16% year-over-year.
• Services turned in $17.48 billion in revenue, up 33% year-over-year.
• Other products saw $8.76 billion in revenue, up 40% year-over-ear.
• The company continued its pandemic-era policy of not offering guidance for the next quarter.