01-28-2021, 11:46 AM
Welcome to the super cycle: Apple just had the best quarter in the history of the smartphone
- The iPhone is booming: Sales were up 17% year-over-year to a whopping $65.6 billion in a single quarter.
- Research firm IDC estimates that Apple shipped more phones during the quarter than any other smartphone vendor ever has in a single quarter.
- Apple’s dominant quarter is adding fuel to the so-called “super cycle” investor thesis that suggests that every few years, Apple’s new phones are timed to ride a wave of of must-have upgrades to strong growth.
Apple reported blowout earnings on Wednesday. Even during a global pandemic, every single product line was up, leading to the company’s first quarter with over $100 billion in sales.
But Apple is still best known for the iPhone, which accounted for nearly 59% of the company’s revenue during the holiday quarter. The iPhone is booming, too: Sales were up 17% year-over-year to a whopping $65.6 billion in a single quarter. That’s a big improvement from last year’s holiday quarter, when sales were up only 7.6% from the year ago.
Apple doesn’t provide unit sales for its products anymore, but according to an estimate from research firm IDC, Apple shipped 90.1 million phones during the quarter. That’s the largest number in any single quarter since IDC started tracking smartphones, analyst Francisco Jeronimo said.
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