Apple today posted its Q1 earnings report and delivered $123.9 billion in revenue for the always bustling holiday quarter. Earnings per share came in at $2.10. To put the figures above into context, Apple during the same quarter a year ago posted $111.44 billion in revenue and earnings per share of $1.68. All in all, Apple delivered another strong quarter, which is all the more impressive given ongoing supply chain issues with Apple’s new MacBook Pros due to chip constraints. Profit-wise, Apple enjoyed $34.6 billion in profits for the quarter.
Ahead of Apple’s earnings report, analysts on Wall Street were anticipating revenue of $118 billion and earnings per share of $1.89. It’s worth noting that Apple’s EPS gets a little boost every quarter on account of the company’s massive stock buyback program.
A closer look Apple’s impressive quarter
Looking at Apple’s quarter on a product-by-product basis, it’s no surprise that the iPhone is still the company’s primary driver of revenue. For the holiday quarter, the iPhone accounted for $71.6 billion in revenue. During the 2021 holiday quarter, the iPhone generated $65.59 billion in revenue. That’s an impressive jump year-over-year.
The iPhone aside, almost every one of Apple’s products generated substantial increases in quarterly revenue. The Mac during the holiday quarter generated $10.8 billion in revenue compared to $8.68 billion last year. The upswing in Mac revenue is all the more impressive given that Apple’s new MacBook Pro models didn’t even launch until the end of October.
Meanwhile, iPad revenue was down to $7.2 billion from $8.48 billion in the 2021 holiday quarter. Revenue from Apple’s Services division checked in at $19.5 billion, a sizeable increase from $15.76 billion in the same quarter a year ago. And lastly, revenue from Apple’s Wearables, Home and Accessories product line brought in $14.7 billion in revenue, up from $12.97 billion in revenue last year.
Incidentally, Apple saw increased revenue across every geographic region except for Japan.
Apple executives chime in
“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” Apple’s Tim Cook said in a press release. “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.”
Following Apple’s record-breaking earnings report, Apple’s share price is up nearly 6% in after-hours trading.
