Apple Revenue, Profit, iPhone Sales, Services All Beat Forecasts In Key Quarter

Apple topped Wall Street forecasts on just about all metrics for its latest fiscal first quarter earnings, with revenue of $123 billion (up 11%, an all time record), EPS of $2.10 (up from $1.68 the year earlier) and iPhone sales of $71.6 billion (vs $65.5 billion).

The services sector, which includes AppleTV+, saw revenue of $19.5 billion, up from $15.7 billion.

The solid numbers were key as tech stocks have been battered in a volatile market so far this year and investors were quite worried about serious supply chain issues that Apple has warned about. If there was ever a quarter to come out like gangbusters, this was the one.

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

The December quarter was the full quarter of availability for Apple’s iPhone 13 and iPhone 13 Pro.

CFO Luca Maestri strolng customer response to recent launches of products and services “drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices.”

Apple doesn’t break out numbers for individual services like Apple TV+ or any others. The streamer, which launched in Nov. of 2019, continues to land hot movie packages and roll out series on the heels of a triumphant Ted Lasso. That show had nabbed seven Emmys and Apple TV+ a total of 11 across five programs just before the previous earnings report in late October. The show continues to be much nominated, along with the film CODA. Yesterday, the streamer closed the biggest deal of the 2022 Virtual Sundance Film Festival, securing worldwide rights to the Cooper Raiff-directed Cha Cha Real Smooth for around $15 million.

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