Apple brought in record revenue of $123.9 billion, despite supply constraints

It’s been a great quarter for Apple. Company only reduce its income statementt for Q1, 2022 (for Apple ending December 25, 2021) and it broke revenue records across the board. It also reported net income of $34.63 billion, with gross margins increasing to about 43.8 percent.

Not only did it post quarterly revenue that hit an all-time high of $123.9 billion, Apple made more money selling iPhones, Macs, and wearables than ever before. This time last year, the company reported $111 billion in revenue, which in itself was a new record at the time. Last quarter too, it did all kinds of Mac saleseven without releasing a new Macbook.

Apple’s iPhone revenue ($71.6 billion) this year, despite global supply constraints, is a notable jump from last year ($65.6 billion). Driven by the switch to its own M1 silicon chip, Mac revenue grew more than $2 billion year-over-year to a record $10.9 billion. Chief Financial Officer Luca Maestri said during the company’s earnings call that the past six quarters have been “the best six quarters ever for Mac” and that M1-powered devices make up the majority of sales. number thanks to “record number of upgrades”.

“Wearables, Home, and Accessories” — which includes Apple Watch, AirPods, and HomePods — added another record $14.7 billion to the revenue table. Apple’s services also contribute to its overall revenue, with products like TV+ and Fitness+ totaling $19.5 billion — up 24% from last year. Maestri notes that paid subscriptions continue to grow, with recent developments in Fitness+, Arcade, and Apple Music contributing to the growth.

But not every product broke records this year. The iPad’s net sales brought in $7.2 billion in the first quarter of 2021, down 14% year-on-year due to huge supply constraints, Maestri said.

Investors will be pleased to know that Apple’s board of directors has declared a “cash dividend of 22 cents per common share, payable on February 10, 2022.” With supply chain issues and inflationary pressures affecting every business, Apple’s quarterly results were astounding. CEO Tim Cook said in the Q&A section of the earnings call that the company will “have less constraints than we had in the 12th quarter,” which means its winning streak is likely to not finish.