Apple has established a habit of setting quarterly earnings records, notably during the company’s fiscal Q1, which encompasses the holiday shopping season. And Q1 2022 has surpassed them all: Apple recently posted its highest quarterly revenue in company history.
The company reported $123.9 billion in revenue and $2.10 in profits per share, easily exceeding Wall Street projections of $118.66 billion and $1.89, respectively, because of strong sales of the iPhone 13 series and sustained growth in its services division. Apple had a profit of $34.6 billion, which is a new high.
Given 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 had a record-breaking quarter in terms of sales. The iPhone division generated $71.63 billion in revenue, up 9% from the previous quarter.
With the exception of the iPad, which was down 14% due to supply restrictions, all of Apple’s other businesses were up year over year. The Mac increased by 25%, while services increased by 24% and wearables increased by 13%.
In terms of new product releases, the company is likely to have a very active 2022. It is reported to be working on a new 5G-capable iPhone SE, which might be released as early as next month. An updated iPad Air and possibly a revised Mac portfolio — such as a Mac mini or iMac running the M1 Pro CPU that debuted in the 2021 MacBook Pro — might also be on the way in the first half of the year, according to Bloomberg’s Mark Gurman. According to the insider, the company is planning to develop a Square-like service that will allow iPhone users to take contactless payments without any additional hardware.
Looking ahead to 2022, it is reported to be working on a new Mac Pro using its own silicon. In addition, next-generation AirPod Pro earbuds are planned in the coming months, along with a new iPad Pro and the customary iPhone refresh when fall arrives.
However, Apple’s long-awaited mixed reality headset, which will be the company’s first significant product in a new category since the Apple Watch in 2015, is shrouded in mystery. According to recent sources, the virtual reality and augmented reality technology will not be released until 2023.
The company continues to grapple with the current supply chain crunch even as it moves forward with new ambitions. Apple projected that it lost $6 billion in revenue in the preceding quarter owing to supply chain difficulties and a chip shortage. Shipping timelines for the 16-inch and 14-inch MacBook Pros have been hit particularly hard, and several combinations are expected to arrive in March or April. Since the laptops first went on sale in October, it’s been nearly impossible to find the higher-end SKUs in stock in Apple’s retail stores.
Apple CEO Tim Cook told The source that, in conjunction with the company’s earnings, that he expects things to get better shortly. “Most of our items had supply problems,” he said. “We expect to be less [restricted] in March than we were in December.”
Outside of hardware, Apple is experiencing more and more pressure to relinquish control of the iOS App Store; the company has reluctantly agreed to enable third-party payment choices in South Korea and for dating apps in the Netherlands, but has resisted similar forces in Russia.
In the United States, Apple CEO Tim Cook is believed to have personally fought against antitrust legislation that Apple argues would force them to allow software sideloading and endanger device security.
Before its earnings call on Thursday, Apple released new betas of iOS, iPadOS, and macOS. People wearing masks will be able to unlock their iPhones with Face ID in iOS 15.4, and the long-awaited Universal Control functionality will be available in iPadOS 15.4 and macOS Monterey 12.3.