Apple reports all-time quarterly record revenue; handily beats Wall Street expectations

Apple today announced financial results for its fiscal 2022 first quarter ended December 25, 2021. The company posted an all-time revenue record of $123.9 billion, up 11 percent year over year, and quarterly earnings per diluted share of $2.10, both of which handily beat Wall Street expecatations.

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“The very strong customer response to our recent launch of new 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,” said Luca Maestri, Apple’s CFO, in a statement. “These record operating results allowed us to return nearly $27 billion to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”

Revenue breakdown:
• iPhone revenue: $71.628 billion
• Services revenue: $19.516 billion
• Wearables, Home and Accessories revenue: $14.701 billion
• Mac revenue: $10.852 billion
• iPad revenue: $7.248 billion

“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” said Tim Cook, Apple’s CEO, in a statement. “We are gratified to see the response from customers around the world at a time when staying connected has never been more important. We are doing all we can to help build a better world — making progress toward our goal of becoming carbon neutral across our supply chain and products by 2030, and pushing forward with our work in education and racial equity and justice.”

Apple’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock. The dividend is payable on February 10, 2022 to shareholders of record as of the close of business on February 7, 2022.

Apple will provide live streaming of its Q1 2022 financial results conference call beginning at 2:00 p.m. PT on January 27, 2022 at apple.com/investor/earnings-call. This webcast will also be available for replay for approximately two weeks thereafter.

MacDailyNews Take: Apple beat every expectation, except for iPad – about which they warned during last quarter’s conference call that the company would prioritize Apple Silicon chips for iPhone over iPad due to the supply chain crunch caused by the response to COVID-19.

For some perspective, General Motors is No.49 on the Fortune 500 with annual revenue of $122.485 billion. Apple just surpassed that, reporting revenue of $123.945 billion in a span of 90-odd days.

Prior to the report, the analysts’ consensus expected:

• Revenue: $118.66 billion
• EPS: $1.89
• iPhone revenue: $67.6 billion
• Services revenue: $18.7 billion
• Wearables, Home and Accessories revenue: $14.4 billion
• Mac revenue: $9.9 billion
• iPad revenue: $8.2 billion

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15 Comments

  1. 2.10 per share, 2.10? Analyst estimates were 1.88. That’s better than 10% above expectations. That pushes TTM EPS past 6.00 pushing the P/E down nicely toward 26. Apple appears to have taken a huge amount of shares off the market this quarter. If I am seeing the early numbers right, over 500million shares retired.
    Apple haters will want to cover their ears for this: greatest company from those who buy their products to those who buy their stock (long term).

  2. Absolutely loving the posters highlighting Apple earnings and the Apple haters(or hater under multiple names) coming in and downvoting it. That’s hilariously sad…

  3. Apple did better than I expected so whatever gains come out of this earnings report, I’m satisfied. A 5% gain is better than any loss. Good job, Tim. Considering the pandemic and recent macroeconomics, Apple did quite well. I’m long 2004 and owning Apple gave me the financial security I needed for a comfortable retirement. No regrets.

    Darn. Apple missed iPad revenue. Apple is doooomed.

    IIRC, Apple had to divert chips from the iPad to the iPhone. Maybe that’s the reason iPad sales were below expectations.

  4. With the B of A analyst noting a +$200/share target (30% gain from today…INCLUDING after-hrs rise), records expected by Apple leadership for March AND today’s results, AAPL is rolling in a kind of unbelievable way. I forgot–add to this–the seemingly repeated stories that Apple’s product releases this year are to be remarkable…notably different than usual.

    I’m left with a; wholly farken mackerel. Apple is bending the normally accepted missive about the “law of large numbers.”

    1. What ?

      I don’t think you have a Conception of what they have introduced and achieved in these horrific economical climate of Covid19…
      Both products and sales wise ….
      Record breaking quarters in the last 8 quarters..

      You pass it on to some magical breaking of laws of numbers… the biggest retro BS !

      Apple is where Apple is because of what they can put out there which u seem to be dismissive of!
      Do u think the M chip is a joke?, integration…and synergy in ecosys is a just a joke and just grows on trees 🌳

      They deliver the value… No Magic!

      Unless they go CSAM and destroy the CORE of the Brand! ..The Mantra of privacy and security!! By implanting a core mass surveillance code on every device they sell in the Guise of Virtue.
      It will be a shot in the head!

      1. Dismissive of what?
        Mentioning “law of large numbers” as associated with something magic?
        Dissing tech Apple has recently released (“M-chip”)?

        You sound like a rambling nut… Please get your M-chip checked out.

  5. “General Motors is No.49 on the Fortune 500 with annual revenue of $122.485 billion”

    It typically is easier (not easy per se but easier) to put out low cost, high volume products to achieve big revenue. But your product has to be cheaply as made as can pass base consumer muster. You more often than not don’t pass up revenue for your brandname. Your brandname is still valuable but you don’t place the brandname on a pedestal. Your repeat business isn’t going to set records but you’ll win more new purchases on price. Walmart does almost 600 billion a year in revenue but generates under 10 Billion in profit. The high volume, low price is a difficult model to generate profit. Cost of materials must be squeezed, you must squeeze your labor costs as much as it can be squeezed. It’s a must in that type of business model. OTOH Apple’s trailing twelve months profit is just north of a 100 billion (on 60% of Walmart revenue). Yet Apple’s profit almost matches all revenue for General Motors. Arguably the only company of large size more impressive a profit generator than Apple is Microsoft (about 75 billion in profit on about 220 billion in revenue). Apple is able to achieve this because it doesn’t go after the razor thin cost, cheap on materials as much as possible, sell high volume, win on price, brand-name isn’t high importance. These results from Apple are in significant part thanks to Apple’s brand. They’ve protected it and advanced it over the years with great care and stubbornness. And they have to protect that brand name! being very careful not release products or move into new markets without a very good product that is commensurate with the brand name.

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