Apple earned $1 billion every day this financial year

iPhone event
iPhone event (Image credit: Apple)

What you need to know

  • Apple announced its Q4 revenue yesterday.
  • CEO Tim Cook says the company recorded $366 billion in revenue this financial year.
  • That means for the first time Apple has made $1 billion every day for a year.

Apple CEO Tim Cook has confirmed that the company earned $366 billion in the last financial year, meaning the company earned $1 billion every single day.

Apple reported record revenue in Q4, despite supply constraints, of $83.4 billion, up 29% from the year before. That means that for the whole year Apple recorded $366 billion in revenue. Tim Cook stated:

This fiscal year, we reported $366 billion of revenue, which represents 33% annual growth. We also achieved more than 20% growth across all of our product categories and in every geographic segment. And today, Apple is reporting another very strong quarter. Demand was very robust, and we set a new September quarter record of $83.4 billion, up 29% from last year and in line with what we discussed on our last call, despite larger-than-expected supply constraints.

As helpfully broken down by Marques Brownlee, that figure means that last year Apple earned $41 million dollars every hour, $695,000 every minute, or $11,500 every second:

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The figures are truly astonishing when you think about it, with Apple's revenue climbing 33% on the previous financial year. Of course, Apple has expenses, Patrick McGee noting net income for the year was just shy of $95 billion. Apple still heavily relies on its best iPhones to do the heavy lifting, and the iPhone accounted for more than 46% of revenue last quarter thanks to the success of iPhone 13 and the iPhone 12's continued popularity.

Looking forward, Apple warned that it expects supply constraints to continue into the holiday season due to global chip shortages.

Stephen Warwick
News Editor

Stephen Warwick has written about Apple for five years at iMore and previously elsewhere. He covers all of iMore's latest breaking news regarding all of Apple's products and services, both hardware and software. Stephen has interviewed industry experts in a range of fields including finance, litigation, security, and more. He also specializes in curating and reviewing audio hardware and has experience beyond journalism in sound engineering, production, and design.

Before becoming a writer Stephen studied Ancient History at University and also worked at Apple for more than two years. Stephen is also a host on the iMore show, a weekly podcast recorded live that discusses the latest in breaking Apple news, as well as featuring fun trivia about all things Apple. Follow him on Twitter @stephenwarwick9