Apple Q1 2022: All-Time Revenue Record of $123.9 Billion

Apple just announced its fiscal Q1 2022 financial results for the period that ended December 25, 2021, and it’s a new all-time record.

The iPhone maker posted $123.9 billion in revenue for the quarter, an all-time record, up 11% year-over-year, with earnings per diluted share of $2.10.

iPhone, Mac, Wearables, and Services revenue reached new all-time highs, said Apple. Net income reached $34.6 billion for the quarter.

“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” said Tim Cook, Apple’s CEO, in a statement. “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.”

Apple saw the following net sales by category:

  • iPhone: $71.6 billion
  • Mac: $10.8 billion
  • iPad: $7.2 billion
  • Wearables, Home and Accessories: $14.7 billion
  • Services: $19.5 billion

Every category saw an increase in net sales, except for iPad, as one year ago revenue was at $8.4 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,” added Luca Maestri, Apple’s CFO. “These record operating results allowed us to return nearly $27 billion to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”

Apple said it had $37.1 billion in cash and cash equivalents at the end of its first quarter.

Apple said its board of directors has issued a cash dividend of $0.22 per share of the company’s common stock, payable on February 10, 2022, to shareholders as of the end of business day on February 7, 2022.

“Our biggest issue is chip supply, it’s chip supply on legacy nodes,” said Cook to CNBC, referring to chips that control regular functions. “And we’re doing okay on the leading edge stuff,” referring to the main chips it makes itself.

Apple saw a 9% increase in iPhone sales during the ongoing COVID-19 pandemic. “That’s despite having supply constraints during the quarter,” Cook added.

…developing, refresh for updates