Apple Defies Wall Street Expectations With Its First Quarter Results
The tech giant's results come amid supply chain concerns.
Apple posted its fiscal first quarter results on Thursday, vastly exceeding analyst expectations for the tech company.
Apple announced that during its first quarter, which started September 26 and ended December 25, 2021, sales reached $123.9 billion. Previously analysts had predicted the company would earn an average of $119.1 billion. These results are particularly notable amid the manufacturing disruptions and chip shortages brought by Covid, which cost the company billions in revenue in 2021.
“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” Apple CEO Tim Cook said in a company statement. “We are gratified to see the response from customers around the world at a time when staying connected has never been more important."
Related: Steve Jobs: An Extraordinary Career
Apple's product lineup for the quarter, which included the launch of its iPhone 13, propelled revenue results. The company generated $71.6 billion in revenue from its iPhones, beating predictions of $67.7 billion. Other moves, like its transition to M1 silicon chips, are credited with helping Mac revenues reach a record $10.9 billion.
Katy Huberty, managing director at Morgan Stanley, told Bloomberg the results showcase "the strength, and stickiness, of Apple’s ecosystem."
As of Friday morning, Apple is up 3.73% over a 24-hour period and has a market cap of $2.69 trillion.
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