Apple has had a fantastic quarter. The company recently released its earnings report for the first quarter of 2022, and it smashed revenue records across the board.
The company earned $34.63 billion in net profits, with gross margins growing to around 43.8 percent.
This corresponds to a profit of $2.10 per share, based on $123.9 billion in total revenue, up more than 11% from the $111.44 billion recorded the previous year.
Despite supply chain challenges, Apple’s iPhone had its best sales ever, propelling sales and earnings to all-time highs.
Apple’s iPhone 13 was in such high demand for the three months ended in December that sales increased by more than 9% to $71.6 billion.
That accounted for more than half of the company’s total revenue, which increased by double digits to $123.94 billion from the previous year.
Apple CEO Tim Cook stated that the iPhone had a top market share in a number of countries, including the United States and Australia, where it ranked among the top five, China, where it ranked fourth, and the United Kingdom, where it ranked second and third.
Despite “extremely high” demand across its product range, Apple said iPad sales were disrupted, with an unusual decline of 14% during the holidays due to “quite significant” supply bottlenecks.
Apple also announced that sales of its Mac computers increased by more than 25% to roughly $10.9 billion, owing to the introduction of newly redesigned MacBook Pro notebooks.
Cook stated, “Customer satisfaction is off the charts.”
Apple’s “wearables, home, and accessories” sector, which includes AirPods and HomePods, saw sales increase by more than 13% to more than $14.7 billion.
Cook also predicted that when customers upgrade and migrate to Apple devices, 5G wireless will continue to drive sales. “Even though this is the second 5G product announcement, we’re still in the early innings of 5G,” he added, stressing that consumer surveys conducted outside of Apple have revealed that many customers have yet to upgrade. “In the long run, we remain extremely optimistic.”
Read more on Tech Gist Africa:
Demand for online advertising has boosted Google’s revenue by 62%
In a record-breaking first quarter, Amazon surpasses $100 billion in revenue
For the first time, Tesla earns a profit of over $1 billion in a quarter
