Apple Q1 2022 Revenue Increases to Record-Breaking $123.9 Billion USD Despite Supply Issues
Marking a profit jump to $34.6 billion USD during the holidays.
Apple recently released its earnings report for the first quarter of 2022, which ended on December 25, 2021.
The holiday rush proved to give Apple a great start to the year, as the company reported an all-time high in revenue, raking in $123.9 billion USD. The company also reported a net income of $34.6 billion USD with gross margins that exceeded 43%. Apple CEO Tim Cook said, “This quarter’s record results were made possible by our most innovative lineup of products and services ever.” In particular, Apple brought in more sales on iPhones, Macs and wearables than any other quarter. At the same time last year, Apple reported revenue of $11 billion USD, which was yet another record at the time.
Apple’s CFO Luca Maestri 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.” The net earnings allowed shareholders to receive nearly $27 billion USD this quarter. Revenue from iPhones made up $71.6 billion USD. Despite the global supply crisis, revenues jumped from last year’s $65.6 billion USD. With Apple’s transition to its own M1 chips, Mac revenues went up over $2 billion USD to hit an all-time high of $10.9 billion USD. Wearables, Home and Accessories including the Apple Watch, AirPods and HomePods pooled in a record-breaking $14.7 billion in revenue while Apple TV+ and Fitness+ brought in $19.5 billion USD, a 24% increase from last year. While there is much to celebrate, iPad sales only brought in $7.2 billion USD, a 14% decrease year-over-year.
Apple’s investors will be receiving a cash dividend of 22 cents per share of the company’s stock due to the successful earnings.
In other tech news, Reddit is testing NFTs as profile pictures.
