Apple has reported quarterly revenue of $123.9 billion, an increase of 11% from a year ago, and setting a new quarter revenue record, due to the most innovative line up of products and services ever. It posted a net profit of $34.6 billion, up 20.13% YoY and quarterly earnings per diluted share of $2.10 for the financial year Q1 2022 that ended December 25, 2021.
During the earnings call, Tim Cook said that Apple set all-time records for both developed and emerging markets and saw revenue growth across all of our product categories, except for iPad, which due to supply constraint. As expected, in the aggregate, we experienced supply constraints that were higher than the September quarter. During the December quarter, Apple set an all-time revenue record for iPhone, thanks to the strength of our incredible iPhone 13 line up.
- Products revenue was an all-time record of $104.4 billion, up 9% over a year ago
- Installed base of active devices passed 1.8 billion during quarter and reached an all-time record in each of the major product categories.
- Services set an all-time revenue record of $19.5 billion, up 24% over a year ago, with December quarter records in every geographic segment.
- iPhone revenue grew 9% year-over-year to an all-time record of $71.6 billion despite supply constraints, thanks to a remarkable customer response to our new iPhone 13 family.
- iPad generated $7.2 billion in revenue, down 14% year-over-year due to very significant supply constraints, but customer demand was very strong across all models
- Mac revenue was $10.9 billion, an all-time record with growth of 25% year-over-year driven by strong demand for the new MacBook Pro powered by M1, despite supply constraints.
- Wearables, Home and Accessories set a new all-time record of $14.7 billion, up 13% year-over-year
- 785 million paid subscriptions across the services, up 165 million from just a year ago.
Given the continued uncertainty around the world in the near term, Apple did not provide revenue guidance for the coming quarter. However, it has issued some additional insight on its expectations for the current quarter for the product categories.
For total company revenue, Apple expects solid year-over-year growth and expects to set a March quarter revenue record despite significant supply constraints, but it expects to be less than what we experienced during the December quarter due to change in iPhone release cycle and foreign exchange to be a 3-point headwind when compared to the December quarter growth rate