Apple’s overall fiscal first-quarter revenue was $123.9 billion, 11% up from last year and higher than analysts’ average estimate of $118.7 billion. Profit was $34.6 billion, or $2.10 per share, compared with analysts’ expectations of $31 billion and $1.89 per share.
Inc is overcoming the costly global shortage in computer chips, posting record sales over the holiday quarter, beating profit estimates and forecasting that its shortfall is narrowing. The iPhone maker, which is world’s largest company by market capitalization, has handled supply-chain challenges such as factory shutdowns and shipping delays brought on by the pandemic better than any of its top peers, analysts said. rose about 5% in after-hours trading, erasing half their losses on the year. The gains came after the company teased its ambitions for augmented reality in the metaverse. More people wanted iPhones, iPads and other gadgets over the holiday quarter than Apple had to sell, costing the company over $6 billion in sales, or in line with what it feared. Yet, Apple, which is many part suppliers’ biggest client, used its buying power to squeeze those vendors to ship enough gadgets to power record sales in its iPhones, Mac and wearables and accessories segments. Apple executives said chip shortages are mostly affecting older models of its products and particularly slowed iPad sales. “They’ve navigated the supply chain better than everybody, and it’s showing in the results,” said Ryan Reith, who studies the smartphone market for industry tracker IDC. The four best-selling phones in urban China were all iPhone models, Apple said, as competitors struggled to manufacture rival offerings. It was the top-selling vendor in China for the first time in six years, research firm Counterpoint Research reported on Wednesday. Nicole Peng, who tracks China’s smartphone sector at research firm Canalys, said comparatively low prices and the retreat of chief rival Huawei from the market led to a strong quarter.
