While various experts continue to give up on Apple, the US tech giant is hitting new financial records. The company’s quarterly revenue totaled $123.9 billion for the first time in history.
Apple began the year on a positive note. In the first quarter, the overall revenue was up by 11% compared to the same period in 2021. Net profit popped by almost 20% to $34.6billion. The results beat forecasts provided by analysts at Wall Street. Sales in every product advanced worldwide. China and the rest of the Asia-Pacific region remained among leaders, boosting sales by 20% and 19% respectively. Only in Japan, sales dropped by 14%. Nevertheless, the firm managed to cope with a deficit of key elements and problems with global supply chains.
“This quarter for Apple wouldn't have been possible without the tireless and innovative work of every Apple team member worldwide,” Apple CEO Tim Cook said.
Interestingly, iPhone remained the most profitable Apple product in the given period. Although in December, the company announced lower demand for the gadget, revenue from its sales rose by 9% on a yearly basis to $71.6 billion. Meanwhile, sales of Mac brought the revenue of $10.8 billion, increasing by 25%. Notably, in the US, the fiscal year starts on October 1 and lasts until September 1. Thus, the first quarter ends on December 25.
