Exhibit 99.1


Apple Reports Second Quarter Results

Revenue up 54 percent to new March quarter record

Services and Mac revenue reach new all-time high

CUPERTINO, California — April 28, 2021 — Apple®
today announced financial results for its fiscal 2021 second quarter ended March 27, 2021. The Company posted a March quarter record revenue of $89.6 billion, up 54 percent year over year, and quarterly earnings per diluted share of $1.40. International sales accounted for 67 percent of the quarter’s revenue.

“This quarter reflects both the enduring ways our products have helped our users meet this moment in their own lives, as well as the optimism consumers seem to feel about better days ahead for all of us,” said Tim Cook, Apple’s CEO. “Apple is in a period of sweeping innovation across our product lineup, and we’re keeping focus on how we can help our teams and the communities where we work emerge from this pandemic into a better world. That certainly begins with products like the all-new iMac and iPad Pro, but it extends to efforts like the 8 gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next 5 years.”

“We are proud of our March quarter performance, which included revenue records in each of our geographic segments and strong double-digit growth in each of our product categories, driving our installed base of active devices to an all-time high,” said Luca Maestri, Apple’s CFO. “These results allowed us to generate operating cash flow of $24 billion and return nearly $23 billion to shareholders during the quarter. We are confident in our future and continue to make significant investments to support our long-term plans and enrich our customers’ lives.”

Apple’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock, an increase of 7 percent. The dividend is payable on May 13, 2021 to shareholders of record as of the close of business on May 10, 2021. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program.

Apple will provide live streaming of its Q2 2021 financial results conference call beginning at 2:00 p.m. PT on April 28, 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 environmental 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 EndedSix Months Ended
March 27,
2021
March 28,
2020
March 27,
2021
March 28,
2020
Net sales:
   Products$72,683 $44,965 $168,361 $124,069 
   Services16,901 13,348 32,662 26,063 
Total net sales (1)
89,584 58,313 201,023 150,132 
Cost of sales:
   Products46,447 31,321 108,577 83,396 
   Services5,058 4,622 10,039 9,149 
Total cost of sales51,505 35,943 118,616 92,545 
Gross margin
38,079 22,370 82,407 57,587 
Operating expenses:
Research and development
5,262 4,565 10,425 9,016 
Selling, general and administrative
5,314 4,952 10,945 10,149 
Total operating expenses
10,576 9,517 21,370 19,165 
Operating income
27,503 12,853 61,037 38,422 
Other income/(expense), net
508 282 553 631 
Income before provision for income taxes
28,011 13,135 61,590 39,053 
Provision for income taxes
4,381 1,886 9,205 5,568 
Net income
$23,630 $11,249 $52,385 $33,485 
Earnings per share:
Basic
$1.41 $0.64 $3.11 $1.91 
Diluted
$1.40 $0.64 $3.08 $1.89 
Shares used in computing earnings per share:
Basic
16,753,476 17,440,402 16,844,298 17,550,281 
Diluted
16,929,157 17,618,765 17,021,423 17,718,591 
(1) Net sales by reportable segment:
Americas
$34,306 $25,473 $80,616 $66,840 
Europe
22,264 14,294 49,570 37,567 
Greater China
17,728 9,455 39,041 23,033 
Japan
7,742 5,206 16,027 11,429 
Rest of Asia Pacific
7,544 3,885 15,769 11,263 
Total net sales
$89,584 $58,313 $201,023 $150,132 
(1) Net sales by category:
iPhone
$47,938 $28,962 $113,535 $84,919 
Mac
9,102 5,351 17,777 12,511 
iPad
7,807 4,368 16,242 10,345 
Wearables, Home and Accessories
7,836 6,284 20,807 16,294 
Services
16,901 13,348 32,662 26,063 
Total net sales
$89,584 $58,313 $201,023 $150,132 



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

March 27,
2021
September 26,
2020
ASSETS:
Current assets:
Cash and cash equivalents
$38,466 $38,016 
Marketable securities
31,368 52,927 
Accounts receivable, net
18,503 16,120 
Inventories
5,219 4,061 
Vendor non-trade receivables
14,533 21,325 
Other current assets
13,376 11,264 
Total current assets
121,465 143,713 
Non-current assets:
Marketable securities
134,539 100,887 
Property, plant and equipment, net
37,815 36,766 
Other non-current assets
43,339 42,522 
Total non-current assets
215,693 180,175 
Total assets
$337,158 $323,888 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$40,127 $42,296 
Other current liabilities
45,660 42,684 
Deferred revenue
7,595 6,643 
Commercial paper
5,000 4,996 
Term debt
8,003 8,773 
Total current liabilities
106,385 105,392 
Non-current liabilities:
Term debt
108,642 98,667 
Other non-current liabilities
52,953 54,490 
Total non-current liabilities
161,595 153,157 
Total liabilities
267,980 258,549 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,686,305 and 16,976,763 shares issued and outstanding, respectively
54,203 50,779 
Retained earnings
15,261 14,966 
Accumulated other comprehensive income/(loss)
(286)(406)
Total shareholders’ equity
69,178 65,339 
Total liabilities and shareholders’ equity
$337,158 $323,888 



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 27,
2021
March 28,
2020
Cash, cash equivalents and restricted cash, beginning balances
$39,789 $50,224 
Operating activities:
Net income52,385 33,485 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization5,463 5,602 
Share-based compensation expense4,001 3,407 
Deferred income tax benefit(207)(651)
Other(474)(259)
Changes in operating assets and liabilities:
Accounts receivable, net(2,347)7,284 
Inventories(1,226)699 
Vendor non-trade receivables6,792 7,923 
Other current and non-current assets(4,333)(8,866)
Accounts payable(1,997)(13,520)
Deferred revenue1,642 1,223 
Other current and non-current liabilities3,045 7,500 
Cash generated by operating activities62,744 43,827 
Investing activities:
Purchases of marketable securities(74,424)(66,489)
Proceeds from maturities of marketable securities39,605 39,738 
Proceeds from sales of marketable securities21,645 27,762 
Payments for acquisition of property, plant and equipment(5,769)(3,960)
Payments made in connection with business acquisitions, net(9)(1,134)
Other— (572)
Cash used in investing activities(18,952)(4,655)
Financing activities:
Proceeds from issuance of common stock561 430 
Payments for taxes related to net share settlement of equity awards(3,160)(1,566)
Payments for dividends and dividend equivalents(7,060)(6,914)
Repurchases of common stock(43,323)(39,280)
Proceeds from issuance of term debt, net13,923 2,210 
Repayments of term debt(4,500)(5,250)
Proceeds from commercial paper, net22 1,518 
Proceeds from repurchase agreement— 2,556 
Other(38)(51)
Cash used in financing activities(43,575)(46,347)
Increase/(Decrease) in cash, cash equivalents and restricted cash217 (7,175)
Cash, cash equivalents and restricted cash, ending balances$40,006 $43,049 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$10,276 $7,505 
Cash paid for interest$1,327 $1,689 

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