While Apple did not provide specific guidance for fiscal Q1 2021 yesterday, due to uncertainty surrounding the COVID-19 pandemic, Apple CFO Luca Maestri did offer some expectations during yesterday’s call with investors.
Maestri, while explaining that Apple’s expectations for the fiscal first quarter of 2021 are based on the assumption that COPVID-19 will have an impact in November and December that is similar to what it has already seen in October.
Maestri did say that Apple expects iPhone revenue to grow year-over-year during fiscal Q1 2021 (also known as the holiday quarter). Apple expects “all other products to grow double digits in aggregate” as well as double-digit growth in Services.
Apple’s Q1 2020 category revenues broke down as follows:
- $55.96 billion: iPhone
- $12.72 billion: Services
- $7.16 billion: Mac
- $10.01 billion: Wearables, Home, and Accessories
- $5.98 billion: iPad
Apple reported record holiday earnings of $91.8 billion in revenue and profit of $22.2 billion in Q1 2020.
As pointed out by Maestri, the later than usual iPhone 12 launch also affects fiscal Q1 2021 earnings. The iPhone 12 and iPhone 12 Pro did not launch until one month into the quarter, and the iPhone 12 mini and iPhone 12 Pro Max will launch seven weeks into the quarter.