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Apple’s iPhone 13 generated the company’s highest revenue in history, despite parts shortage

According to the tech giant, iPhone sales increased by more than 9% over the previous year.

Apple's iPhone 13 generated the company's highest revenue in history, despite parts shortage

Apple has a habit of posting record-breaking quarterly results, particularly during the company’s fiscal Q1, which includes the holiday shopping season. And Q1 2022 has surpassed them all: Apple has just posted the most revenue for any quarter in the company’s history.

Apple reported $123.9 billion in revenue and $2.10 profits per share, well exceeding Wall Street projections of $118.66 billion and $1.89, respectively, driven by sales of the iPhone 13 range and strong growth in its services division. Apple made a record-breaking profit of $34.6 billion.

The iPhone had a record-breaking sales quarter, which was expected considering that it was the holiday season and the first full quarter of availability for the iPhone 13, 13, mini, 13, Pro, and 13 Pro Max. The iPhone unit earned $71.63 billion, a 9 percent increase over the previous quarter.

The tech giant said its iPhone sales grew more than 9% from the previous year, marking continued demand for 5G iPhones.

According to CNET, Apple’s “wearables, home and accessories” division, like AirPods and HomePods, posted sales of more than $14.7 billion, up more than 13%. And its services business, which include the $5 per month Apple TV Plus subscription service and new $10 per month Apple Fitness Plus, rose to more than $19.5 billion. Apple said it now counts 785 million paying subscriptions across its business lines.

All told, Apple said it notched profits of nearly $34.6 billion, up 20% from the same last year. That translates to $2.10 per share in profit, off in overall revenue, which itself was up more than 11% from the $111.44 billion reported last year. It was also enough to beat average analyst estimates, which were $1.89 per share in profits on $118.66 billion in revenue, according to surveys published by Yahoo Finance.

All that’s contributed to Apple’s cash pile, which is now more than $202 billion. Overall, the smartphone and wearable run well except for the iPad, which was down by 14 percent due to supply restrictions, all of Apple’s other divisions were up year over year. The Mac increased by 25%, services increased by 24%, and wearables increased by 13%.

Photo by Vjeran Pavic / The Verge

Apple CEO Tim Cook noted that the iPhone held top market share spots around the world, including the top five in the US and Australia, top four in urban China, and two of the top three in the UK. 

“We knew that we had the beginnings of something fundamentally transformative,” Cook said, remarking on the iPhone’s 2007 launch in a conference call with analysts. “None of us could have predicted the incredible and meaningful impact it would have on all of our lives.”

CNET

Apple’s stock rose more than 3% to $163.73 per share, after closing regular trading roughly flat for the day. Investors pushed the company’s shares above $3 trillion for a short period earlier this month before falling about 12% with broader market fluctuations.

Apple – Future Plans

In terms of new product releases, Apple is expected to be extremely productive in 2022. The company is reported to be working on a new 5G-capable iPhone SE that will be available as early as next month.

According to Bloomberg’s Mark Gurman, an upgraded iPad Air and maybe a redesigned Mac product — such as a Mac mini or iMac utilizing the M1 Pro Chipset launched in the 2021 MacBook Pro — might also be on the way in the first half of the year. According to Bloomberg, Apple may soon unveil a Square-like service that lets iPhone owners to take contactless payments without the need for additional hardware.

Looking ahead to 2022, the company is also said to be developing a new Mac Pro powered by its own silicon. Following the release of the third-generation AirPods last year, the next-generation AirPods Pro earphones are expected in the coming months, along with a new iPad Pro and the usual iPhone upgrade when fall arrives.

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Written by Hammad Khalid

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