Apple Crushes Estimates with 54% Jump in Revenues

Apple reported a strong Q1 with a 54% jump YoY in revenues to $89.6bn, a new March quarter record. Net income more than doubled to $23.6bn. The tech major reported double-digit growth in every product category, with the iPhone category up 66% to $47.9bn, Mac up 70% to $9.1bn, iPad up 79% to $7.8bn, Wearables/Home Accessories up 25% to $7.8bn and Services up 27% to $16.9bn. Operating cash flows stood at $24bn as the company declared a cash dividend of $0.22 per share. The board also authorized an increase of $90bn to the share repurchase program. “This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” said CEO Tim Cook.

Apple’s bonds moved higher – its 0.7% 2026s were up 0.3 to 98.7, yielding 0.97% and its 2.55% 2060s were up 1.4 to 89.1, yielding 3.03%.

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