Apple reported their Q1 2022 earnings last night, breaking their own revenue records in the process. The company achieved $34.6 billion in profit on revenues of $123.9 billion. iPhone delivered big time for Apple with its most successful quarter ever. And the Mac crossed $10 billion for the first time in its history setting new revenue records. Wearables including Apple Watch and AirPods saw their best-ever quarter and now comprise 12% of the companies revenue. Services also enjoyed a sharp increase in revenues with strong double-digit growth. The only category that saw a dip in sales was the iPad but this was primarily due to supply constraints, not demand.
These results are incredibly impressive given the supply chain issues and the impact of Covid-19. As it turns out even with the pandemic, Apple’s retail stores had their most successful quarter on record too! “Our retail business saw its highest revenue in Apple history and earned its highest ever customer satisfaction scores.” – Tim Cook
This quarter’s record results were made possible by our most innovative lineup of products and services ever,” said Tim Cook, Apple’s CEO. “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.
Tim Cook
In the conference call with analysts after the announcement, Tim Cook and Apple’s CFO Luca Maestri went on to share a few interesting tidbits. Notably, investment into research and development has steadily ramped up, and the company continues to invest heavily in AR and has an intense interest in the area of health. Especially as it relates to the Apple Watch.
The stock is up 3% in after-hours trading with Apple beating Wall Street estimates of $118.66 billion revenue and $34.6 billion profit respectively. A dividend of $0.22 per share will be paid to investors on the 10th of February.
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Featured Image: Carles Rabada via Unsplash.