Apple has kicked off 2022 with another remarkable earnings quarter. For Q1, 2022 ending on December 25, 2021, Apple has hit a new all-time record revenue of $123.9 billion with an 11% Year-on-Year growth and quarterly earnings per diluted share of $2.10.
The company’s CEO Tim Cook credits the successful quarter to its “most innovative products and services ever”. In spite of facing supply constraints issues due to the global chip crisis and production issues due to COVID-19, the tech giant delivered several advanced products achieving another hardware supercycle since iPhone 6: iPhone 13 series, 2021 MacBook Pro models with M1 Pro and M1 Max chips, Apple Watch Series 7, AirPods (3rd generation), iPad mini (6th generation), iPad (9th generation), HomePod mini in new color options, Apple Music Voice Plan and more.
Ahead of the release of Apple’s financial report, analysts speculated that 2021 would be Apple’s greatest Holiday season and expected record earnings from the Cupertino tech giant for Q1, 2022 because the tech giant managed its supply and demand efficiently.
Apple’s iPhone, Mac, wearables, and service saw a record increase in revenue, except for iPad
Except for the iPad, all other products saw an increase in revenue for Q1, 2022.
- iPhone – $71.628 billion (Up from $65.597 billion for the same quarter the previous year)
- Mac – $10.852 billion, (Up from $8.675 billion for the same quarter the previous year)
- iPad – $7.248 billion (Decline from $8.435 billion for the same quarter the previous year)
- Wearable, Home, and Accessories – $14.701 billion (Up from $12. 971 billion for the same quarter the previous year)
- Services – $19.516 (Up from $15, 761 billion for the same quarter the previous year)
Tim Cook, Apple’s CEO said:
“This quarter’s record results were made possible by our most innovative lineup of products and services ever. 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.”
Luca Maestri, Apple’s CFO said:
“The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices. These record operating results allowed us to return nearly $27 billion to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”