The first quarter of 2022 was one of the best quarters in Apple history, according to The Wall Street Journal. Hitting $97 billion in the quarter, the company continues to post double-digit year-over-year growth since it first launched its 5G-equipped iPhone 12 line. Ahead of today’s conference call, the Cupertino-based company shared financial information from early 2022.
Apple’s revenue for the January-March period rose 9% to $97.3 billion, well above analysts’ expectations of $94 billion. Earnings per share rose to $1.52 from $1.40 a year earlier, beating estimates of $1.42 per share and setting a record for Apple’s second fiscal quarter.
Fixing supply chain issues helped the company boost revenue this quarter. “Supply restrictions were significantly lower than in the December quarter,” CEO Tim Cook said in an interview on Thursday.
The statistics for the years are below:
In most segments, the company managed to increase revenue compared to last year. However, the demand for the iPad is still there, despite the decline in revenue. In an interview on Thursday, Cook said iPad results were hampered by “very severe supply constraints.” For several months, the iPad was hard to find online and in stores, with shipping taking almost two months. More recently, it has become easier to obtain.
see also
In addition to supply chain issues, there were also several external factors in the last quarter that cast doubt on Apple’s resilience. While suppliers in China have suffered severe restrictions due to COVID-19, a war has broken out in Europe causing Apple to stop sales in Russia.
iTunes and the App Store also posted notable growth in the first quarter, rising 17% to $19.8 billion.
Reading now
The post Supply chain restrictions are easing, says Tim Cook. appeared first on Gamingsym.