Tim Cook
Apple on Thursday unveiled its most recent quarterly revenue, largely due to strong sales of the new iPhone 13.
Despite ongoing supply challenges caused by global chip shortages, the tech giant's revenue for the three months ended Dec. 25, 2021, was as high as $123.9 billion — up significantly from $111.4 billion in the same period last year.
Profits were $34.6 billion, up $6 billion from a year ago and the first time its earnings exceeded $30 billion.
The iPhone 13, along with other models on sale, such as the SE, generated $71.6 billion in revenue for the company — up from $65.6 billion a year earlier.
The new Mac, which owns Apple's M1 chip, also performed well, generating $10.9 billion in revenue — more than $8.7 billion. Revenue from its Wearables, Home and Accessories divisions also grew, from $12.9 billion to $14.7 billion.
The only product to see a drop in revenue was the iPad, which had revenue of $7.3 billion — down from $8.4 billion last year.
Apple
Apple CEO Tim Cook, in a comment acknowledging the ongoing global pandemic, said: "We are pleased to see how users around the world have reacted at times when it has never been so important in keeping in touch. "
On an earnings call shortly after the results were announced, Cook said he expected the tight supply situation to ease this quarter, adding that Apple's supply chain "is doing a very good job even with the shortage in mind."
On the same conference call, Apple Chief Financial Officer Luca Mestre said the latest results were "a quarter of record products and services," adding that "this bumper quarter was achieved despite significant supply constraints related to global chip shortages." "。
Maestri said that while Apple expects to achieve "solid" year-over-year revenue growth and set revenue records for March, he expects revenue to be lower than in the most recent quarter because of slightly different recent iPhone releases, as well as factors such as fluctuations in exchange rates.
Apple's record revenue was driven in part by booming sales in China, where market analysis firm Counterpoint Research said the iPhone recently became China's number one phone for the first time in six years, accounting for 23 percent of the market and an annual growth rate of 32 percent.
China Smartphone Market Share in Q4 2020 and Q4 2021