Get All Access for $5/mo

Apple Defies Wall Street Expectations With Its First Quarter Results The tech giant's results come amid supply chain concerns.

By Chloe Arrojado Edited by Jessica Thomas

SOPA Images | Getty Images

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.

Related: Apple Threatens Square's Payment Stronghold With iPhone's New Tap-to-Pay Feature

Chloe Arrojado

Entrepreneur Staff

Editorial Assistant

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Starting a Business

Your Business Will Never Succeed If You Overlook This Key Step

A comprehensive guide for startups to achieve and maintain product-market fit through thorough market research, iterative product development and strategic scaling while prioritizing customer feedback and agility.

Business News

How to Be a Billionaire By 25, According to a College Dropout Turned CEO Worth $1.6 Billion

Austin Russell became the world's youngest self-made billionaire in 2020 at age 25.

Leadership

How to Spot the Perfect Executive for Your Company

Hiring senior talent to run a team is a crucial moment in the story and trajectory of a company. Whether you need to hire senior talent now or are looking to gather insights for the future, it's important to be prepared for a gap in a crucial leadership position.

Side Hustle

This Former Disney Princess Lived 'Paycheck to Paycheck' Before Starting a Side Hustle at Home — Now She Makes $250,000 a Year

Victoria Carroll's income was "sporadic" until a friend encouraged her to take her talents to Fiverr in 2018.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.