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Apple Results Beat in Q1 as iPhone 13 Sales Shine

Stock MarketsJan 27, 2022 05:54PM ET
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© Reuters Apple Earnings, Revenue Beat in Q1

By Yasin Ebrahim

Investing.com - Apple (NASDAQ:AAPL) reported better-than-expected fiscal first-quarter results as iPhone 13 sales picked up pace after chip supply shortages hampered production.

Apple shares gained more than 5% in after-hours trade following the report.

Apple announced EPS of $2.10 on revenue of $123.95 billion. Analysts polled by Investing.com anticipated EPS of $1.89 on revenue of $118.68 billion.

iPhone revenue, which makes up about half of total revenue, rose to $71.6 billion from $65.60 billion a year earlier, beating estimates of $68.34 billion.

The higher-than-expected figure comes as consumers rushed to buy a new slate of products including the iPhone 13, and new Macbook product line.

Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $19.52 billion from $15.76 billion, and topped estimates of $18.61 billion.

"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,” Apple said in a statement.

In an interview that followed the earnings report, Apple chief executive Tim Cook hailed the growth in the quarter, and touted improving supply-chain issues that could bolster growth in the March quarter.

"We grew by 9% for the quarter, which we were proud of, and that's despite having supply constraints during the quarter," Cook said in an interview with CNBC. "The good news if there is good news in here is that the December quarter was worse than the previous quarter, where we're projecting March to be better than the December quarter and that's in terms of supply constraints."

Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar

Apple Results Beat in Q1 as iPhone 13 Sales Shine
 

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Comments (2)
Joel Schwartz
Joel Schwartz Jan 27, 2022 6:20PM ET
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Cash on hand versus last quarter: -86% and costs of revenue up 20%. Yikes.
Max German
MaxiGE Jan 27, 2022 5:49PM ET
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i believe nothing of their iphone demand lol who buys a iphone who technology is far under the samsung ones while samsung is also cheaper in a inflated world cheaper phones get sold more. not pricey iphone lol ofcourse a 2T company can fix earnings whatever they want
Martijn WN
Speculeerbeer Jan 27, 2022 5:49PM ET
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Don't underestimate the stupidity of the crapple fans. They'll buy anything from Apple. They are happy to pay 100+ euro for a cable.
Empire Destroyer
Empire Destroyer Jan 27, 2022 5:49PM ET
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Martijn WN you got dudes selling their kidneys for Apple gear. If we have Armageddon then Apple fans be trading water and food for Apple gear that don't work
Mr Islander
mindsetfirst Jan 27, 2022 5:49PM ET
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Very right MaxiGE
Mr Islander
mindsetfirst Jan 27, 2022 5:49PM ET
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Its a cult
 
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