Jan 28, 2021 - Economy
Apple raked in $111 billion in revenue in a single quarter
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Big Tech had a strong start to earnings season, as the S&P 500's heavy hitters reported Wednesday after market close.
What happened: Spurred by strong sales of the latest iPhones, Apple had its strongest quarter ever, raking in $111.4 billion in revenue for the three months ended Dec. 31, far outpacing expectations.
- Revenue rose 21% year over year, well above Wall Street expectations of around $103 billion, and earnings totaled $28.75 billion, or $1.68 per share, up 35% year over year, and well ahead of expectations of around $1.41.
Facebook also generated record revenue and profit during the quarter but saw its stock fall after the report as its forward guidance left something to be desired.
Tesla reported its first full-year profit, but its supply-chain costs held profit for the quarter short of analysts' expectations.
