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Operator
Good day, and welcome to the Apple Q1 fiscal-year 2021 earnings conference call. Today s call is being recorded. At this time, for opening remarks and introductions, I would like to turn the call over to Tejas Gala, director of investor relations and corporate finance. Please go ahead.
Tejas Gala
Director of Investor Relations and Corporate Finance
Thank you. Good afternoon, and thank you for joining us. Speaking first today is Apple s CEO, Tim Cook, and he ll be followed by CFO Luca Maestri. After that, we ll open the call to questions from analysts.
Please note that some of the information you ll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation, and future business outlook, including the potential impact of COVID-19 on the company s business and results of operations. These statements involve risks
Source: Apple
Apple CEO Tim Cook and CFO Luca Maestri spoke with analysts during the company s Q1 2021 earnings call. Here s our ongoing live transcript of their remarks! If you want some quick analysis on Apple s results, we recommend checking out the awesome charts from Six Colors.
Cook s opening remarks
Tim Cook
Good afternoon, everyone. Thanks for joining the call today. It s with great gratitude for the tireless and innovative work of every Apple team member worldwide that I share the results of a very strong quarter for Apple. We achieved an all-time time revenue record of $111.4 billion. We saw strong double-digit digit growth across every product category, and we achieved all-time time revenue records in each of our geographic segments. It is not far from any of our minds that this result caps off the most challenging year any of us can remember, and it is an understatement to say that the challenges it posed to Apple as a business paled in comparison to the challenge it
Chart: Global App Spending Passed $100 Billion in 2020
Apple extended an olive branch to its developer community in November by introducing the App Store Small Business Program, which reduces the companyâs app store commission from 30% to 15% for developers earning less than $1 million a year.
Photo: Reuters
World09/Jan/2021
Faced with antitrust allegations and the wrath of (some) app makers, Apple extended an olive branch to its developer community in November by introducing the App Store Small Business Program, which reduces the companyâs app store commission from 30% to 15% for developers earning less than $1 million a year.
Ever since the App Store was launched in 2008, Apple has taken a 30% cut on app sales, in-app purchases of digital content and subscriptions made via iOS apps (the latter dropping to 15% after the first year), which has lately drawn the attention of competition watch dogs, especially in cases where Apple competes with third-party app makers (e.g