What you need to know
- Apple shares are up almost 5% ahead of Friday's markets opening.
- The company announced its Q1 earnings on Thursday, January 27.
- It saw an all-time revenue record of almost $124 billion.
Apple's share price has risen by almost 5% in pre-market trading following the company's Q1 earnings call Thursday.
Apple announced a new all-time quarterly revenue record of nearly $124 billion on January 27. From the announcement:
CEO Tim Cook said the results were made possible by Apple's "most innovative lineup of products and services ever" and that the company was grateful for the response it had seen from its customers around the world.
During the course of its earnings, Apple announced that it now commands an install base of more than 1.8 billion devices and that it added 165 million paid subscribers to its services last year.
Apple says it saw revenue growth across every product and service line it has except iPad. Due to supply constraints, Apple revealed that iPad revenue had fallen by 14% year on year despite exciting new devices like the iPad mini 6, one of the company's best iPads in recent memory.
Apple also revealed that the company posted a record $11 billion in Mac revenue thanks to the success of Apple silicon and the new MacBook Pro (2021) powered by Apple's M1 Pro and M1 Max processors. Apple said its momentum was "impressive" and that the six previous quarters have all been the best six quarters ever for Mac.
Buoyed by this strong showing, AAPL sits at +4.44% in pre-market at the time of publication but has climbed to as high as $4.7% in the course of this morning.
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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