Apple Beats Analysts Estimates for Q1 with With All-Time Record Revenue

Image: Dusan Jovic via Unsplash
Apple reported record sales for the holiday season, beating estimates as the company rode the wave of high iPhone demand in China while withstanding problems caused by supply chain disruptions and the Omicron variant.

Apple has crushed earnings with its largest single quarter in terms of revenue, on the back of sales that frew over 11% despite supply challenges and the lingering effects of the pandemic.

The Company posted an all-time revenue record of $123.9 billion, up 11 percent year over year, and quarterly earnings per diluted share of $2.10.

“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” said Tim Cook, Apple’s CEO.

 
 

“We are gratified to see the response from customers around the world at a time when staying connected has never been more important. We are doing all we can to help build a better world — making progress toward our goal of becoming carbon neutral across our supply chain and products by 2030, and pushing forward with our work in education and racial equity and justice.”

Cook added that Apple’s supply chain challenges were improving, which sent the company’s shares up about 5% in after-hours trading.

For the quarter, Apple exceeded analyst estimates for sales across product categories with the exception of iPads. Overall the company’s revenue was up 11% annually.

 
 

Highlights

  • EPS: $2.10
  • Revenue: $123.9 billion, up 11% year-over-year
  • iPhone revenue: $71.63 billion, up 9% year-over-year
  • Services revenue: $19.52 billion, up 24% year-over-year
  • Other Products revenue: $14.70 billion, up 13% year-over-year
  • Mac revenue: $10.85 billion, up 25% year-over-year
  • iPad revenue: $7.25 billion, down 14% year-over-year
  • Gross margin: 43.8%

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on reddit
Share on email

Related