Cupertino-based giant Apple has announced an all-time high revenue record of $123.9 billion, up by 11 percent year-on-year for Q1 2022. In an earnings call, Apple CEO Tim Cook announced that the company’s record-breaking results were made possible by its innovative product and services lineup. Cook also told investors that the company set all-time records for both developed and emerging markets and saw revenue growth across all product categories, except for the iPad.
The growth in Apple’s revenue was powered by record quarters for iPhone and Mac computers. The company’s CEO, however, said that the company’s popular tablet, the iPad still remains “supply constrained.” He, however, said that iPad was still higher than the previous quarter and said that signs of improvement are there and will be visible around March. This was the eighth quarter since the pandemic began, and Cook said that he is proud of how the teams at Apple have continued to remain innovative. “This quarter’s record results were made possible by our most innovative lineup of products and services ever,” the Apple CEO was quoted as saying in an official blog post. Apple’s CFO, Luca Maestri said, “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.”
After the results, Apple’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock. This will be paid to investors on Februrary 10, 2022.
Cook, in his earnings call with the investors, also pointed out that the company’s impressive results come even despite the industry-wide chip shortage. He said that Apple still managed to get products to customers who really wanted the and tried to do that in a fast manner.
Separately, reports show Apple’s growth in the smartphone market globally. Recently, a report hinted that the company reclaimed the top spot in the Chinese market after over six years, another report from Counterpoint said that Apple’s global smartphone shipments grew 18 percent year on year to a record 238 million units powered by growth in US, Europe, India, and China.
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Source: News18