This is Apple’s highly important holiday quarter, which covered the months of October, November and December, and it reported a revenue record of $123.95 billion, up 11% year over year. The tech giant reported a net profit of $34.6 billion, up from $28.8 billion in the Q1 2021 results. Apple’s earnings per share reached $2.10 for the quarter, up from $1.68 in the same quarter last year.
No longer reporting unit sales for any of its products, Apple now reports a breakdown of revenue by product category instead. Below is the full breakdown for the fiscal Q1 2022:
- $71.63 billion: iPhone (up 9% year over year)
- $19.5 billion: Services (up 24%)
- $14.70 billion: Wearables, home, and accessories (up 13%)
- $10.85 billion: Mac (up 25%)
- $7.25 billion: iPad (down 14%)
Apple CEO Tim Cook said, “This quarter’s record results were made possible by our most innovative lineup of products and services ever. We are gratified to see the response from customers around the world at a time when staying connected has never been more important. We are doing all we can to help build a better world — making progress toward our goal of becoming carbon neutral across our supply chain and products by 2030, and pushing forward with our work in education and racial equity and justice.”
Apple CFO Luca Maestri added, “The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices. These record operating results allowed us to return nearly $27 billion to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”
The holiday quarter, as usually expected, benefited from several product launches that took advantage of the holiday sales period. This includes the Apple Watch Series 7, third-generation AirPods, the 14-inch and 16-inch MacBook Pro, new color options for the HomePod mini, and the infamous Apple Polishing Cloth.
Launches from the previous quarter were also great contributors to Apple’s revenue, with Q1 being the first full quarter of availability for them, including the headliner iPhone 13 generation, as well as the sixth-generation iPad mini and the ninth-generation iPad.
Apple also recorded immense growth in key markets such as China, India, Europe and the US. During the fourth quarter, Apple became the top smartphone brand in China, mainly thanks to the release of the iPhone 13, which meant the Cupertino company dethroned Samsung as the leading smartphone worldwide in that period.