Apple smashes its own records with stunning Q1 2022 report

Apple presented its latest quarterly report last night, and the results, as analysts had predicted, were the best in the company’s almost 46-year history.

Revenue for the fiscal first quarter of 2022 – which in calendar terms covers the three months ended 25 December 2021 – was $123.9bn (roughly £93bn), up from $111.4bn in the same period the year before. This represents a healthy year-on-year increase of 11%.

It’s worth noting, before we go any further, that Q1 2021 was itself a record-breaker. At the time we noted: “The company has broken records in every category and made 21% more revenue than the same quarter [in 2020].”

Net profit for Q1 2022 was $34.6bn (roughly £26bn). That’s up 20% from the $28.8bn profit recorded in Q1 2021.

Apple also breaks down the numbers by segment. The iPhone continued to account for the lion’s share of Apple’s revenue: $71.6bn in Q1 2022, which is up 9% from last year.

Most other segments also saw year-on-year growth: the Mac brought in $10.9bn (up 25%), services $19.5bn (up 24% and a record), and the Wearables, Home and Accessories category which includes the Apple Watch, AirPods and various other miscellaneous items $14.7bn (up 13%).

The iPad, however, was down 14% on Q1 2021, with revenue of $7.2bn. This may reflect difficulties with supply, or the fact that Apple didn’t update its popular iPad Air throughout the year; a new model is finally expected to arrive this spring.

In truth supply constraints caused by the chip shortage were expected to hamper many of Apple’s categories, not least the all-important iPhone. That this didn’t cause more problems is testament to the efficiency of Apple’s supply chain, or perhaps simply to the firm’s ability to throw its weight around and get special treatment.

“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” said company CEO Tim Cook in a press release. “We are gratified to see the response from customers around the world at a time when staying connected has never been more important.”

This article originally appeared on Macworld Sweden. Translation (using DeepL) and additional reporting by David Price.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.