29 Jan , 2022 By : monika singh
Apple reported record $124 billion quarterly revenue on Thursday, despite a global chip pinch and shifting impacts of the pandemic that have weighed down other big tech players.
The expectations-beating results offered signals that the coronavirus-era tech boom may not be quite over yet, even as diminishing growth shadows firms like lockdown lifestyle champ Netflix.
"We set all time records for both developed and emerging markets and saw revenue growth across all of our product categories except for iPad, which we said would be supply-constrained," CEO Tim Cook told analysts.
Smartphone sales topped $71 billion, buoyed by strong demand for the iPhone 13 line, especially in China.
Overall, the tech giant posted a net profit of $34.6 billion in its first quarter, compared with $28.7 billion in the same quarter the prior year, according to the earnings report.
The supply chain mess that has disrupted the making and delivery of products to consumers is not disappearing, but Apple said it expected less impact in the coming months.
"There's some encouraging signs there," Cook added.
The semiconductor drought - caused by a mix of factors including a surge in demand after the Covid-19 pandemic and virus-linked disruptions in chipmaking nations - has affected industries across the globe from tech giants to car makers.
"It's worth noting that Apple is known for its supply-chain prowess and many wonder about the actions Apple has taken and will take to better position itself for this calendar year and to what extent these could hurt margins," said Scott Kessler from Third Bridge analysts.
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