apple: The year Apple earned $1 billion revenue in a day

Supply chain issues due to the global chip shortage, what seems like a never-ending pandemic and some more. Yet, Apple has reported impressive numbers during its quarterly earnings call. Apple CEO Tim Cook during the call said that “This fiscal year, we reported $366 billion of revenue, which represents 33% annual growth.”
$366 billion of revenue in the fiscal year. That means on average Apple raked in $1 billion a day. Apple follows the fiscal year calendar, which reportedly ended on September 25. So this doesn’t include all the revenue that would come from the iPhone 13 series, Apple Watch Series 7 or even the new generation of iPads.
Luca Maestri, CFO, Apple, said that “During the past 12 months, we grew our business by 33% or $91 billion, reaching nearly $366 billion of revenue with record level performance across the board.”
Apple says that “every product category and every geographic segment set a new annual revenue record and was up at least 20% over fiscal 2020.”
The company also said that during fiscal 2021, it earned one-third of its revenue from the emerging markets. In India, Apple revealed that it had doubled its business.
Apple Services — includes cloud services, music, video, advertising, AppleCare recorded $68 billion in revenue in fiscal 2021. In the last six years, the revenue from Services has tripled for Apple.
Apple’s paid subscriptions have been doing really well. Maestri said, “We now have more than 745 million paid subscriptions across the Services on our platform, which is up more than 160 million from last year and nearly 5 times the number of paid subscriptions we had less than five years ago.”
While Services is huge for Apple, it’s the products that have been driving the revenue. The Mac and the iPad too hit record revenues in a fiscal year for Apple.