Summary
- Revenue up 36% percent to new Q3 quarter record - $81.4 B
- Product Revenue up 37% percent to new Q3 quarter record - $63.9 B
- Services gross margin was 69.8% and product gross margin was 36% and company gross margin was 43.3%
- Net income of $21.7 billion, diluted earnings per share of $1.30 and operating cash flow of $21.1 billion
- iPhone revenue was 39.6B growing 50% yoy
$17.5 billion with all-time records for cloud services, music, video, advertising, and payment services and June quarter records for the App Store and AppleCare.
Apple trends
First, our installed base of devices reached an all-time high across each geographic segment.
Second, the number of both transacting and paid accounts on our digital content stores reached a new all-time high during the June quarter in each geographic segment, and paid accounts increased double digits.
Third, paid subscriptions continue to show strong growth. We now have more than 700 million paid subscriptions across the services on our platform, which is up more than 150 million from last year and nearly four times the number of paid subscriptions we had only four years ago.
And finally, we're adding new services that we think our customers will love while also continuing to improve the breadth and quality of our current services offerings.
Wearables, home, and accessories grew 36% year over year to $8.8 billion, setting new June quarter revenue records in every geographic segment. We continue to improve and expand our product offerings in this category. This quarter, we began shipping our new Apple TV 4K with a redesigned Siri Remote and our brand-new AirTags, and the customer response to both products has been very strong. In addition to its outstanding sales performance globally, Apple Watch continues to extend its reach, with nearly 75% of the customers purchasing Apple Watch during the quarter being new to the product.
For Mac, despite supply constraints, we set a June quarter record of $8.2 billion, up 16% over last year, with June quarter revenue records in most markets we track around the world. It is remarkable that the last four quarters for Mac have been its best four quarters ever. This exceptional level of sales success has been driven by the very enthusiastic customer response to our new Macs powered by the M1 chip, which we most recently brought to our newly redesigned iMac. iPad performance was also strong with revenue of $7.4 billion, up 12% in spite of significant supply constraints.
During the quarter, we also starting shipping our new iPad Pro powered by the M1 chip, and customer response has been outstanding. Both iPad and Mac have taken computing to the next level, and when you combine their performance over the last 12 months, they are now the size of a Fortune 50 business thanks to the best product lineups we've ever had, very high levels of customer satisfaction and a loyal growing installed base. In fact, around half of the customers purchasing Mac and iPad during the quarter were new to that product, and in most recent surveys of U.S. consumers from 451 Research, customer satisfaction was 92% for Mac and 95% for iPad.
In enterprise, our customers are excited about the superior performance, battery life, and security that the new M1 Macs bring. MassMutual, for example, is offering M1 MacBook Pro to all of its employees and equipping all conference rooms with M1 Mac Minis in preparation for return to work. And with its incredible performance and affordable entry price, the MacBook Air with M1 is gaining rapid adoption among many leading enterprise organizations. Italgas, Italy's largest natural gas company, which will soon be using its extensive network to distribute renewable gases, is replacing every employee's Windows laptop with the new MacBook Air powered by Apple's M1 chip to bring the latest technology to its workforce.
And Grab, Southeast Asia's leading super app that provides transportation, food delivery and digital payment services, is adding M1 MacBook Air to its companywide M1 Mac deployment. Let me now turn to our cash position.
- Net cash was 72 billion at the end of the quarter.
We're not predicting the next cycle, but I would point out a few things. One is we have a very large and growing installed base. As you know, we've -- the iPhones passed a billion active devices earlier this year.
Two, we have loyal and satisfied customers. The customer set that we're seeing on the new iPhones are -- is just amazing. It's jaw-dropping. And the geographic response is pervasive across the world.
And in the U.S., we had the top three selling models. In the U.K., we have four out of the top five. In Australia, we have the top two. In Japan, we have the top three.
In Urban China, we have the top two. And so the response from customers all around have been great. Obviously, the product itself is amazing. The 12 lineup was a huge leap that introduced 5G and had A14 Bionic and a number of other fantastic features that customers love.
The next thing I think to consider is that we're in the very early innings of 5G. If you look at 5G penetration around the world, there's only a couple of countries that are in the double-digits yet. And so that's an amazing thing nine months or so into this. And the last thing is we're going to continue to deliver great products.
Category Breakdown
- iPhone - 38.8 B vs 26.4 B in Q3, 2021
- Mac - 9.1 B vs 9.0 B in Q3, 2021 (up 2%)
- iPad - 8.2 B vs 6.7 B in Q3, 2021 (up 81%)
- Wearbales - 8.7 B vs 7.8 B in Q3, 2021 (up 25%)
- Services - 18.2 B vs 14.5 B in Q3, 2021 (up 27%)
- Revenue - 83.3 B in Q3, 2021 (up 50%)
- Net income - 20.5 B
Geography Breakdown
- Americas 36.8 B vs 30.6 B in Q1, 2020
- Europe 20.7 B vs 16.9 B in Q1, 2020
- China 14.5 B vs 7.9 B in Q3, 2020
- Japan 5.9 B vs 5.0 B in Q3, 2020
- APAC 5.1 B vs 4.1 B in Q3, 2020
Apple Revenue (Billions)
2021(est): 365
2020: 294
2019: 268
2018: 266
2017: 229
2016: 216
2015: 234
2014: 183
2013: 171
2012: 157
2011: 108
2010: 65
2009: 43
2008: 37
2007: 25
2006: 19
2005: 14
2004: 8.3
2003: 6.2
2002: 5.7
2001: 5.4
2000: 8.0
1999: 6.1
1998: 5.9
1997: 7.1
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