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Apple Joins The League Of Companies Reporting Record Revenue

Apple is joining the league of companies reporting record revenues for the quarter. its latest revenue numbers grew based on the strong sales of its new iPhone 13 despite chip shortage challenges.

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The tech company reported revenue of $123.9 billion for the first quarter of 2022 which ended December 25, 2021. This is higher than last year’s $111.4 billion for the same period in 2021.

Apple also made a record profit of $34.6 billion, increasing over $6 billion from last year’s figure. This is the first time the Cupertino based company profits is passing the $30 billion mark.

Most of the sales are due to the holiday periods, as the new iPhone 13 series were able to purchase. The iPhone also stole the crown for sales, with $71.63 billion, increasing by 9% year on year.

Aside from the iPad, all divisions of the Apple business grew year on year as the tablet division fell by 14%. The wearable, services and Mac business grew by 13%, 24% and 25% respectively.

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The current chip storage mildly affected its first-quarter 2022 results, but it did for its previous quarter. Apple made approximately a $6 billion revenue loss due to chip shortage and supply chain challenges. Going onwards things might improve, CEO Tim Cook says “we’re forecasting that we will be less in March than we were in the December quarter.”

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As usual, we will be seeing a refresh of its product line for this year. The earliest to launch will probably be a 5G iPhone SE, an updated iPad Air and just maybe a new Mac Mini.

 

 

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