San Francisco: Apple Quarterly revenue of a record $124 billion was reported on Thursday, despite the impact of the pandemic weighing down global chip pinch and other big tech players.
Expected-beating results indicated that the coronavirus-era tech boom may not be over yet, even as dwindling growth shadow firms like lockdown lifestyle champion Netflix.
“We set all-time records for both developed and emerging markets and saw revenue growth across all of our product categories except the iPad, which we said will be supply-constrained,” said the CEO. Tim Cook told analysts.
Smartphone sales topped $71 billion, fueled by strong demand iPhone 13 line, especially in China.
Overall, the tech giant posted a net profit of $34.6 billion in its first quarter, compared to $28.7 billion in the same quarter last year, according to the earnings report.
The supply chain disturbances that have disrupted the manufacturing and delivery of products to consumers is not disappearing, but Apple said it expects less of an impact in the coming months.
“There are some encouraging signs out there,” Cook said.
The semiconductor drought – caused by a mix of factors, including increased demand after the Covid-19 pandemic and virus-linked disruptions in chipmaking nations – has affected industries around the world, from tech giants to car makers.
Scott Kessler of Third Bridge said, “It’s worth noting that Apple is known for its supply-chain prowess and there are many surprises about the actions Apple has taken and positioning itself better for this calendar year.” and to what extent it can hurt margins.” analyst
Despite the volatility at the time, Apple became the first US company to hit $3 trillion in market value, reaching the landmark in early January in the latest display of the tech industry’s pandemic prowess.
But tensions between Washington and Beijing, as well as the Ukraine crisis, have added to market panic with wide volatility in recent days.
At the same time, the once-pandemic market’s darlings have sunk on low growth prospects as people eager to get back to some close to pre-virus activity outside their homes.
Netflix lost tens of billions of dollars in market capitalization last week after projecting growth of just 2.5 million subscribers in the first quarter – its slowest expansion since 2010 and a major drop from 55 million subscribers over the past two years. In Kovid-19 changed. Daily Life.
Yet in a sign of Apple’s continued ability to sell a lot of handsets, it took home the top smartphone vendor honor in China after a six-year hiatus, clocking record market share in the last quarter of 2021 as US sanctions hit rival Huawei.
Industry analysis firm Counterpoint said in a report released on Wednesday that sales growth saw the iPhone maker share 23 per cent in the highly competitive market in October-December.
This put the US giant in pole position, beating China’s Vivo for the first time since the last three months of 2015.
The App Store posted record quarterly revenue as well as Apple made more than $19 billion from selling services and software to users of its iconic devices.
The banner revenue on the App Store comes as Apple defends itself against allegations that its control over the online shop amounts to a monopoly.
However, gradual moves towards in-person living will not bode well for the business and the company expects a “slowdown” of growth.
“This is more challenging (comparison) as the use of digital content and services has increased due to high levels of lockdowns around the world last year,” CFO Luca Maestri told analysts.
Expected-beating results indicated that the coronavirus-era tech boom may not be over yet, even as dwindling growth shadow firms like lockdown lifestyle champion Netflix.
“We set all-time records for both developed and emerging markets and saw revenue growth across all of our product categories except the iPad, which we said will be supply-constrained,” said the CEO. Tim Cook told analysts.
Smartphone sales topped $71 billion, fueled by strong demand iPhone 13 line, especially in China.
Overall, the tech giant posted a net profit of $34.6 billion in its first quarter, compared to $28.7 billion in the same quarter last year, according to the earnings report.
The supply chain disturbances that have disrupted the manufacturing and delivery of products to consumers is not disappearing, but Apple said it expects less of an impact in the coming months.
“There are some encouraging signs out there,” Cook said.
The semiconductor drought – caused by a mix of factors, including increased demand after the Covid-19 pandemic and virus-linked disruptions in chipmaking nations – has affected industries around the world, from tech giants to car makers.
Scott Kessler of Third Bridge said, “It’s worth noting that Apple is known for its supply-chain prowess and there are many surprises about the actions Apple has taken and positioning itself better for this calendar year.” and to what extent it can hurt margins.” analyst
Despite the volatility at the time, Apple became the first US company to hit $3 trillion in market value, reaching the landmark in early January in the latest display of the tech industry’s pandemic prowess.
But tensions between Washington and Beijing, as well as the Ukraine crisis, have added to market panic with wide volatility in recent days.
At the same time, the once-pandemic market’s darlings have sunk on low growth prospects as people eager to get back to some close to pre-virus activity outside their homes.
Netflix lost tens of billions of dollars in market capitalization last week after projecting growth of just 2.5 million subscribers in the first quarter – its slowest expansion since 2010 and a major drop from 55 million subscribers over the past two years. In Kovid-19 changed. Daily Life.
Yet in a sign of Apple’s continued ability to sell a lot of handsets, it took home the top smartphone vendor honor in China after a six-year hiatus, clocking record market share in the last quarter of 2021 as US sanctions hit rival Huawei.
Industry analysis firm Counterpoint said in a report released on Wednesday that sales growth saw the iPhone maker share 23 per cent in the highly competitive market in October-December.
This put the US giant in pole position, beating China’s Vivo for the first time since the last three months of 2015.
The App Store posted record quarterly revenue as well as Apple made more than $19 billion from selling services and software to users of its iconic devices.
The banner revenue on the App Store comes as Apple defends itself against allegations that its control over the online shop amounts to a monopoly.
However, gradual moves towards in-person living will not bode well for the business and the company expects a “slowdown” of growth.
“This is more challenging (comparison) as the use of digital content and services has increased due to high levels of lockdowns around the world last year,” CFO Luca Maestri told analysts.
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