Apple Boasts Large Revenue in First Quarter
Apple’s revenue beat analyst expectations, although shares of Apple stock fell in late trading after the company’s earnings call when Apple warned of supply chain constraints.
American tech companies have posted mixed results this earnings season, but on Thursday, Apple announced a huge quarter. The tech giant posted $97.3 billion in revenue, which it called a record for the March quarter and a 9 percent year-over-year increase.
According to CNBC, Apple’s revenue beat analyst expectations, although shares of Apple stock fell in late trading after the company’s earnings call when Apple warned of supply chain constraints. “This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world,” Apple CEO Tim Cook said in the release. “We are delighted to see the strong customer response to our new products, as well as the progress we’re making to become carbon neutral across our supply chain and our products by 2030. We are committed, as ever, to being a force for good in the world — both in what we create and what we leave behind.”
The company also said that it sent an all-time record for Services revenue in a quarter, and March records in three categories: iPhone, Mac, and Wearables, Home and Accessories. Per CNBC, Mac sales were up 15 percent year over year, but iPad sales declined. Apple also announced $90 billion in share buybacks.
In addition to the revenue, the quarter included Apple’s historic first-ever Academy Award wins for Apple TV+, with CODA winning Best Picture and two other categories. “We were especially excited to cheer on CODA as it won the Academy Award for Best Picture making Apple TV+ the first streaming service to win in this category. We were honored to be stewards of this incredibly powerful deeply moving film,” Tim Cook said on the earnings call.
Cook also discussed the company’s overall mission. “Fundamentally our work is about making technology that enriches people's lives and unlocks the full creative potential of humanity. And though the twists and turns of the future may be uncertain what is certain is that we will never stop striving to be a force for good in the world in everything we do and everything we are,” the CEO said.
The same afternoon as Apple, Amazon also released its first-quarter earnings, which were deemed disappointing. Per CNBC, the company’s revenue of $116.44 billion was ahead of analyst expectations, but Amazon fell way short in earnings-per-share. The company also posted a lukewarm second-quarter forecast.
“The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” Andy Jassy, Amazon’s CEO, who replaced Jeff Bezos last year, said in the earnings release.
Stephen Silver, a technology writer for The National Interest, is a journalist, essayist and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice Today. The co-founder of the Philadelphia Film Critics Circle, Stephen lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.