Apple’s Revenue Soared Nearly 16%

Credit: Apple

Last quarter, Apple’s revenue increased by 15.7% to $143.76 billion, exceeding analyst expectations of $138.52 billion. For the current quarter, the company expects revenue growth in the range of 13% to 16%, but acknowledges that component shortages are impacting its production operations more than usual.

For the quarter ended December 27, the company’s net income was $42.097 billion, or $2.84 per share, compared to $36.33 billion, or $2.40 per share, a year earlier.

Revenue increased to $143.756 billion, compared to $124.3 billion a year earlier.

Analysts, on average, had estimated the company’s earnings at $2.67 per share on revenue of $138.48 billion, according to LSEG.

iPhone revenue increased 23% in the quarter to $85.27 billion (consensus forecast: $78.65 billion), while iPad revenue increased 6% to $8.6 billion. Meanwhile, Mac computer sales decreased 7% to $8.39 billion, while wearables and accessories sales decreased 2% to $11.49 billion.

Service revenue (Apple Store, Apple Music, Apple Pay, and iCloud) increased 14% to exceed $30 billion.

Apple’s sales in China (including Hong Kong and Taiwan) jumped nearly 38% to $25.53 billion (experts expected $21.32 billion). Revenue in the Americas increased by 11.2% to $58.53 billion, in Europe by 12.6% to $38.15 billion, and in Japan by 4.7% to $9.4 billion.

The company announced a dividend payment of 26 cents per share, the same as the previous quarter. The payment will take place on February 12, with the record date set for February 9.

Tellingly, Apple’s CEO attributed the limitations in iPhone production not to a memory shortage, but to TSMC’s high workload in the advanced 3-nanometer process technology used to manufacture its mobile processors. “We’re currently seeing less supply flexibility than usual as demand on our part has increased,” Cook stated.