Apple has a long history of breaking quarterly earnings records, especially during the holiday shopping season. And Q1 2022 has already outperformed them all: Apple just surpassed its previous record for any quarter by a long shot. Apple generated $123.9 billion in revenue and earnings per share of $2.10, comfortably outperforming Wall Street expectations of $118.66 billion and $1.89, respectively. Apple posted a profit of $34.6 billion — also a record – which was well above the predicted figure of $37 billion (which had included an adjustment for stock option grants).
Apple’s best quarter
The iPhone had a tremendously successful quarter, no matter how you slice it. Given that it was a holiday season and the first full quarter of availability for the iPhone 13, 13 mini, 13 Pro, and 13 Pro Max, one might have expected nothing less. The iPhone unit sales were $71.63 billion in Q1 2019, up 9 percent from Q4 2018.
All of Apple’s other businesses, with the exception of the iPad, rose year over year, as did all of its operating divisions save operations. The Mac was up by 25%, services grew by 24% and wearables increased by 13%.
By 2022, Apple is expected to release a new Mac Pro built on its own silicon. In the coming months, next-generation AirPods are anticipated, as well as a redesigned iPad Pro and typical iPhone refreshes when fall rolls around.
Apple CEO Tim Cook told The Wall Street Journal that he believes the supply chain crunch issue will improve shortly. “We saw supply constraints across the board,” he said. “March is when we expect to be less constrained than we were in the fourth quarter.”
