Apple posted record revenue of $123.9bn in the holiday quarter, an 11 per cent gain from a year ago in a sign that the company navigated supply chain constraints better than analysts had expected.
Apple’s net profit in the three-month period through December jumped 20 per cent to $34.6bn, well above forecasts for $31.1bn. Analysts had expected revenues of $119bn.
Apple’s stock jumped 1.6 per cent after the release of its results on Thursday.
Finance chief Luca Maestri told the Financial Times the supply chain headwinds amounted to “more than $6bn”, the same amount as the prior quarter. At the time, Apple said the December quarter would be face greater challenges, prompting investors to anticipate a $10bn headwind.
Maestri said supply chain issues were being resolved, adding: “We expect to set a March quarter revenue record and we expect to grow revenue solidly on a year-over-year basis.”
The Cupertino-based tech giant, which briefly hit a $3tn market value milestone earlier this month, said the iPhone accounted for 58 per cent of total revenues, rising 9 per cent from a year ago to $71.6bn. Analysts had expected $67.4bn in sales.
Revenues in China climbed 21 per cent to $25.8bn, while sales in the Americas rose 11 per cent to $51.5bn and sales in Europe climbed 9 per cent to $29.7bn. Japan was the only soft spot, with sales falling 14 per cent to $7.1bn, while sales in the rest of Asia climbed 19 per cent to $9.8bn.
Read more on Apple’s results here
