Exhibit 99.1


Apple Reports First Quarter Results

Revenue up 21 percent and EPS up 35 percent to new all-time records

iPhone, Wearables, and Services set new revenue records

CUPERTINO, California — January 27, 2021 — Apple® today announced financial results for its fiscal 2021 first quarter ended December 26, 2020. The Company posted all-time record revenue of $111.4 billion, up 21 percent year over year, and quarterly earnings per diluted share of $1.68, up 35 percent. International sales accounted for 64 percent of the quarter’s revenue.

“This quarter for Apple wouldn’t have been possible without the tireless and innovative work of every Apple team member worldwide,” said Tim Cook, Apple’s CEO. “We’re gratified by the enthusiastic customer response to the unmatched line of cutting-edge products that we delivered across a historic holiday season. We are also focused on how we can help the communities we’re a part of build back strongly and equitably, through efforts like our Racial Equity and Justice Initiative as well as our multi-year commitment to invest $350 billion throughout the United States.”

“Our December quarter business performance was fueled by double-digit growth in each product category, which drove all-time revenue records in each of our geographic segments and an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “These results helped us generate record operating cash flow of $38.8 billion. We also returned over $30 billion to shareholders during the quarter as we maintain our target of reaching a net cash neutral position over time.”

Apple’s Board of Directors has declared a cash dividend of $0.205 per share of the Company’s common stock. The dividend is payable on February 11, 2021 to shareholders of record as of the close of business on February 8, 2021.

Apple will provide live streaming of its Q1 2021 financial results conference call beginning at 2:00 p.m. PT on January 27, 2021 at apple.com/investor/earnings-call/. This webcast will also be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.



This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s expectations regarding the impact of the COVID-19 pandemic; anticipated revenue, gross margin, operating expenses, other income/(expense), and tax rate; plans for return of capital; our goal of maintaining a net cash neutral position; and our investment plans and initiatives. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: the effect of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and stock price; the effect of global and regional economic conditions on the Company’s business, including effects on purchasing decisions by consumers and businesses; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to manage frequent introductions and transitions of products and services, including delivering to the marketplace, and stimulating customer demand for, new products, services, and technological innovations on a timely basis; the effect that shifts in the mix of products and services and in the geographic, currency, or channel mix, component cost increases, increases in the cost of acquiring and delivering content for the Company’s services, price competition, or the introduction of new products or services, including new products or services with higher cost structures, could have on the Company’s gross margin; the dependency of the Company on the performance of distributors of the Company’s products, including cellular network carriers and other resellers; the risk of write-downs on the value of inventory and other assets and purchase commitment cancellation risk; the continued availability on acceptable terms, or at all, of certain components, services, and new technologies essential to the Company’s business, including components and technologies that may only be available from single or limited sources; the dependency of the Company on manufacturing and logistics services provided by third parties, many of which are located outside of the US and which may affect the quality, quantity, or cost of products manufactured or services rendered to the Company; the effect of product and services design and manufacturing defects on the Company’s financial performance and reputation; the dependency of the Company on third-party intellectual property and digital content, which may not be available to the Company on commercially reasonable terms or at all; the dependency of the Company on support from third-party software developers to develop and maintain software applications and services for the Company’s products; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations worldwide, which expose the Company to potential liabilities, increased costs, and other adverse effects on the Company’s business; the ability of the Company to manage risks associated with the Company’s retail stores; the ability of the Company to manage risks associated with the Company’s investments in new business strategies and acquisitions; the impact on the Company’s business and reputation from information technology system failures, network disruptions, or losses or unauthorized access to, or release of, confidential information; the ability of the Company to comply with laws and regulations regarding data protection; the continued service and availability of key executives and employees; political events, international trade disputes, war, terrorism, natural disasters, public health issues, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of the Company’s investment portfolio; and changes in tax rates and exposure to additional tax liabilities. More information on these risks and other potential factors that could affect the Company’s business and financial results is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

Press Contact:
Kristin Huguet
Apple
khuguet@apple.com
(408) 974-2414

Investor Relations Contact:
Tejas Gala
Apple
tgala@apple.com
(669) 227-2402

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple’s Media Helpline at (408) 974-2042.
© 2021 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
December 26,
2020
December 28,
2019
Net sales:
   Products$95,678 $79,104 
   Services15,761 12,715 
Total net sales (1)
111,439 91,819 
Cost of sales:
   Products62,130 52,075 
   Services4,981 4,527 
Total cost of sales67,111 56,602 
Gross margin
44,328 35,217 
Operating expenses:
Research and development
5,163 4,451 
Selling, general and administrative
5,631 5,197 
Total operating expenses
10,794 9,648 
Operating income
33,534 25,569 
Other income/(expense), net
45 349 
Income before provision for income taxes
33,579 25,918 
Provision for income taxes
4,824 3,682 
Net income
$28,755 $22,236 
Earnings per share:
Basic
$1.70 $1.26 
Diluted
$1.68 $1.25 
Shares used in computing earnings per share:
Basic
16,935,119 17,660,160 
Diluted
17,113,688 17,818,417 
(1) Net sales by reportable segment:
Americas
$46,310 $41,367 
Europe
27,306 23,273 
Greater China
21,313 13,578 
Japan
8,285 6,223 
Rest of Asia Pacific
8,225 7,378 
Total net sales
$111,439 $91,819 
(1) Net sales by category:
iPhone
$65,597 $55,957 
Mac
8,675 7,160 
iPad
8,435 5,977 
Wearables, Home and Accessories
12,971 10,010 
Services
15,761 12,715 
Total net sales
$111,439 $91,819 



Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)

December 26,
2020
September 26,
2020
ASSETS:
Current assets:
Cash and cash equivalents
$36,010 $38,016 
Marketable securities
40,816 52,927 
Accounts receivable, net
27,101 16,120 
Inventories
4,973 4,061 
Vendor non-trade receivables
31,519 21,325 
Other current assets
13,687 11,264 
Total current assets
154,106 143,713 
Non-current assets:
Marketable securities
118,745 100,887 
Property, plant and equipment, net
37,933 36,766 
Other non-current assets
43,270 42,522 
Total non-current assets
199,948 180,175 
Total assets
$354,054 $323,888 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$63,846 $42,296 
Other current liabilities
48,504 42,684 
Deferred revenue
7,395 6,643 
Commercial paper
5,000 4,996 
Term debt
7,762 8,773 
Total current liabilities
132,507 105,392 
Non-current liabilities:
Term debt
99,281 98,667 
Other non-current liabilities
56,042 54,490 
Total non-current liabilities
155,323 153,157 
Total liabilities
287,830 258,549 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,823,263 and 16,976,763 shares issued and outstanding, respectively
51,744 50,779 
Retained earnings
14,301 14,966 
Accumulated other comprehensive income/(loss)
179 (406)
Total shareholders’ equity
66,224 65,339 
Total liabilities and shareholders’ equity
$354,054 $323,888 



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended
December 26,
2020
December 28,
2019
Cash, cash equivalents and restricted cash, beginning balances
$39,789 $50,224 
Operating activities:
Net income28,755 22,236 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization2,666 2,816 
Share-based compensation expense2,020 1,710 
Deferred income tax benefit(58)(349)
Other25 (142)
Changes in operating assets and liabilities:
Accounts receivable, net(10,945)2,015 
Inventories(950)(28)
Vendor non-trade receivables(10,194)3,902 
Other current and non-current assets(3,526)(7,054)
Accounts payable21,670 (1,089)
Deferred revenue1,341 985 
Other current and non-current liabilities7,959 5,514 
Cash generated by operating activities38,763 30,516 
Investing activities:
Purchases of marketable securities(39,800)(37,416)
Proceeds from maturities of marketable securities25,177 19,740 
Proceeds from sales of marketable securities9,344 7,280 
Payments for acquisition of property, plant and equipment(3,500)(2,107)
Payments made in connection with business acquisitions, net(9)(958)
Other204 (207)
Cash used in investing activities(8,584)(13,668)
Financing activities:
Proceeds from issuance of common stock— 
Payments for taxes related to net share settlement of equity awards(2,861)(1,379)
Payments for dividends and dividend equivalents(3,613)(3,539)
Repurchases of common stock(24,775)(20,706)
Proceeds from issuance of term debt, net— 2,210 
Repayments of term debt(1,000)(1,000)
Proceeds from/(Repayments of) commercial paper, net22 (979)
Other(22)(16)
Cash used in financing activities(32,249)(25,407)
Decrease in cash, cash equivalents and restricted cash(2,070)(8,559)
Cash, cash equivalents and restricted cash, ending balances$37,719 $41,665 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$1,787 $4,393 
Cash paid for interest$619 $771 

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