Apple released its financial report for the quarter ending December 31st, 2021 and it broke it’s own revenue record. Apple earned more money in the first quarter of 2022 than any other tech company despite the challenging situation caused by the pandemic global chip shortages and supply chain issues.
Apple sales grew 11 percent to $123.95 billion and operating profit increases 20 percent to $34.63 billion. The company broke its own revenue record of $111 billion which is set in the same period last year.
Every year Apple enjoys healthy sales in the first quarter due to the holiday season and the launch of the new iPhones and Q1 of 2022 is no different. Most of the quarterly revenue is earned through the sales of the iPhone 13 series which includes iPhone 13 mini, iPhone 13, iPhone 13 Pro, and Pro max. Out of $123 billion, quarterly revenue iPhones sales made up $71.63 billion which is an increase of 9 percent compared to $65.6 billion in the same quarter last year and the company achieved this despite the chip shortages and supply chain issues.
Apart from iPhones, Mac revenue increased by $2billion compared to Q1 of 2021 to $10.9 billion. Apple’s CFO Luca Maestri said, “the last six quarters were the best six quarters ever for Mac, and that M1-powered device made up the vast majority of sales thanks to a record number of upgraders.”
The company made a record revenue of $14.7 billion from the sales of wearables and accessories i.e., Apple Watch, home pods, Air pods, and Air tags. Services which include Tv+ and Fitness+ revenues also grew 24 percent compared to the same quarter last year to $19.5 billion in the first quarter of 2022. Luca Maestri mentioned that with the addition of new features in Tv+, Fitness+, Apple Music, and Arcade – the paid subscribers are increasing.
The only product whose sales declined in the corresponding year was the iPad and the company attributed the decline to the supply chain issues. iPad sales declined 14 percent in the quarter under review and only raked in $7.2 billion.
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