You must have thought we were done with earnings, but nope.
Apple,
Facebook, and
Spotify, none of whom are on good terms with each other right now, released their end-of-quarter earnings yesterday.
All three companies beat analysts' earnings expectations, while Spotify fell short on revenue expectations. Here's a peek at the numbers:
Apple reported US$89.6 billion in revenue for Q2, which is more than double its revenues from his time last year.Â
- People want their 5G phones: iPhone sales accounted for over half of their revenue this quarter.
- COVID-19 and the move to remote work fueled record-high iPad, Macbook, and iMac sales.Â
Facebook reported US$26.2 billion in revenue, nearly double their revenue from the first quarter of 2020. Â
- A gradual uptick in the price of ads and the number of ads contributed to the revenue growth.
- Apple's latest feature that lets users block ad tracking could put a significant dent in this number next quarter.Â
Spotify reported a revenue of US$2.6 billion for the first quarter, a 16% increase from the same period last year but slightly below analyst expectations.Â
- Good news: the streaming giant reported a higher number of monthly active users from this time in 2020.
- Bad news: it added 3 million new subscribers since the start of 2021, which is the slowest growth rate it's had since 2017. Spotify stock dropped by more than 10% on the news.
Bottom line: Apple and Facebook cruised through Q1 and smashed analyst expectations, with Spotify lagging behind thanks to sluggish user growth.Â