Apple mentioned it reaped a file $124 billion in income in its fiscal first quarter — an 11% enhance from final yr which was fueled by robust vacation gross sales, notably of its Mac computer systems.
The iPhone maker says it turned a revenue of $34.6 billion within the months of October, November, and December. It additionally reported earnings-per-share of $2.10.
Apple beat expectations from Wall Avenue analysts who anticipated the corporate to report $118.5 billion in revenues with an earnings per share of $1.89.
The earnings report despatched shares of Apple hovering by greater than 3% in after-hours buying and selling.
The entire tech big’s revenue-generating merchandise outperformed analyst forecasts apart from the iPad, which offered much less as a result of the corporate was hamstrung by provide constraints.
Apple revenue from iPhone sales had been $71.63 billion — up 9% from the primary quarter of final fiscal yr.
The primary quarter was the primary full quarter during which the corporate offered its new iPhone 13. Apple CEO Tim Cook dinner mentioned the corporate managed to spice up gross sales of its signature smartphone “regardless of having provide constraints throughout the quarter.”
Apple Providers, which incorporates music, motion pictures, TV reveals, books, and app purchases, generated $19.52 billion, a strong 24% enhance yr over yr.
The corporate offered $10.85 billion value of Macs — a 25% enchancment yr over yr. Apple’s different merchandise class, which embrace Apple Watch and AirPods, drummed up gross sales of $14.70 billion, a 13% enhance yr over yr.
However its iPad gross sales lagged. Apple reported $7.25 billion, a 14% drop from first quarter of fiscal yr 2021.
Apple has not said its expectations for the present quarter, saying that the pandemic had created too many uncertainties.
However Cook dinner told CNBC that he expects the corporate to proceed rising this quarter as provide chain bottlenecks start to loosen up.
“What we count on for the March quarter is stable year-over-year income development,” Cook dinner mentioned.
“And we count on provide constraints within the March quarter to be lower than they had been within the December quarter.”
Cook dinner added: “Our largest challenge is chip provide, it’s chip provide on legacy nodes. And we’re doing okay on the vanguard stuff.”