Apple's incredible growth in the 21st century

November 10, 2020
vicus

When Apple released its latest results on October 29, there were no major surprises: iPhone sales were down slightly year-over-year, services revenue reached another record high, and so the segment previously called "Other Products.

Now called "Wearables, Home and Accessories," the segment continued to grow. In total, the iPhone maker generated $12.7 billion in profit on revenue of 64.7 billion, shaking off the COVID-19 crisis quite convincingly.

While quarterly profits of more than $10 billion are things we've come to expect from Apple in recent years, it's important to remember how remarkable the numbers Apple routinely publishes are within the grand scheme of things. In accordance with the latest Fortune 500 list, 25 U.S. companies posted ANNUAL profits in excess of $10 billion in 2019. Apple did this 13 consecutive QUARTERLY.

The following chart shows the incredible transformation the company has undergone since the beginning of the 21st century. In 2001, Apple's total revenue was $5.36 billion, but it went with a $25 million loss. For the financial year ending September 26, 2020, Apple posted a net income of $57.4 billion on revenue of $274.5 billion, meaning that the company managed to achieve an average revenue growth of 23 percent in nearly 20 years.