Apple, Facebook Q1 Revenue Up, Starbucks Sees Growth
Apple and Facebook had robust first-quarter earnings in 2021. Apple saw an increase of 54 percent and Facebook 48 percent, compared to the same period last year. Starbucks earnings increased 11 percent during the quarter.
Apple announced its year-over-year revenue was up 54 percent with record breaking revenue of $89.6 billion. Apple said Mac and services revenues were at an all-time high.
During the first quarter, Apple’s iPhone revenue was up 65.5 percent year-over-year to $47.94 billion. Services revenue saw a 26.7 percent year-over-year increase with $16.90 billion. Mac revenue was up 70.1 percent year-over-year to $9.10 billion, and iPad revenue saw an increase of 78.9 percent year-over-year to $7.80 billion.
“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,” Apple CEO Tim Cook said. “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 eight gigawatts of new clean energy we’ll help bring onto the grid and our $430 billion investment in the United States over the next five years.”
Facebook saw a 48 percent increase in revenue when it announced its earnings. The social media company reported first-quarter 2021 revenue of $26.1 billion, $3 billion above analysts predictions. Facebook almost doubled their net income from $4.9 billion in the same period last year to $9.5 billion.
Facebook’s daily active uses also increased eight percent year-over-year. The monthly active users grew slightly more at 10 percent compared to the same period last year. The company’s incredible growth was due to a 46 percent year-over-year increase in advertising revenue.
“We had a strong quarter as we helped people stay connected and businesses grow,” Mark Zuckerberg, Facebook founder and CEO said in a statement. “We will continue to invest aggressively to deliver new and meaningful experiences for years to come, including in newer areas like augmented and virtual reality, commerce, and the creator economy.”
Starbucks released its second-quarter fiscal year earnings on Tuesday for the period ending, March 28, 2021.
The coffee giant had an 11 percent increase in year-over-year net revenue due to a 15 percent growth in comparable-store sales. Consolidated net revenue was $6.7 billion. U.S. stores for Starbucks saw a nine percent sales increase driven by a 21 percent increase in the average sales per customer. The gains offset the 10 percent decline in comparable transactions.
“I am very pleased with our progress to date in fiscal 2021, as our second-quarter results demonstrated impressive momentum in the business with full sales recovery in the U.S. Our strong results validate our ability to adapt to changes in our environment and the needs of our customers,” said Kevin Johnson, president and CEO.
The Starbucks Rewards loyalty program in the U.S. saw an 18 percent year-over-year increase of 90-day active members, bringing it up to $22.9 million.
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