Although Q1 is supposed to be the weakest quarter for Apple's smartphone business in the year, in reality Q1 2021 was Apple’s best non-holiday quarter in terms of smartphone revenue ever, and second highest in terms of shipments and operating profit.

Apple expanded in all six global regions in Q1 2021, with volume growth in Asia Pacific particularly impressive, included doubling smartphone shipments in China and more than tripling shipments in India.

One reason for the great Q1 performance was the delayed iPhone 12 launch last October. That meant the effect of the iPhone supercycle, that usually lasts during Q4, now spilled into Q1 as well.

While Apple didn’t disclose any guidance for the following quarter, it expects to take a hit in Q2 2021 due to supply shortages.