Apple has just announced its earnings report for its fiscal Q1 2022 (ended December 25, 2021) and things are looking really good! Apple hits record revenue of $123.9 billion, an increase of 11% from the previous year. This growth is largely attributed to the success of Apple’s services businesses, such as Apple TV+ and Apple One.
However, there was one smudge on the otherwise perfect report; iPad sales failed to meet expectations and dropped 14%. Despite this minor setback, iPhone sales continue to grow, reaching $71.63 billion for the quarter.
Given global supply chain bottlenecks and chip shortages, Apple’s results are even more remarkable. To use the phrase “the rich get richer”, Tim Cook announced on the earnings call that Apple expects the chip shortage supply chain issues to continue to ease allowing them to produce even more products.
All in all, it looks like Apple is doing quite well. Let’s see if Apple hits record revenue again next quarter!