Apple stock rising as fiscal Q1 revenue, EPS beat expectations
Apple this afternoon reported fiscal Q1 revenue and profit that both topped Wall Street’s expectations.
The report follows a fiscal Q4 report in October when the company lost $6 billion worth of sales to supply chain disruption, and warned at the time that Q1 would be worse.
The report sent Apple shares almost 3% in late trading.
CEO Tim Cook remarked that the “quarter’s record results were made possible by our most innovative lineup of products and services ever.”
Added Cook, “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.”
Revenue in the three months ended in December rose to $123.9 billion, yielding a net profit of $2.10 a share.
Analysts had been modeling $119 billion and $1.90 per share.
Also: Apple CEO Cook: chip shortage impact will be even worse this quarter
Apple’s sales of iPhones rose 9%, year over year, to $71.63 billion.
The company’s services business rose by 24% to $19.5 billion, it said.
Apple’s Mac sales rose by 25% to $10.85 billion.
iPad sales declined by 14% to $7.25 billion.
Apple’s sales growth was greatest in the “Greater China” region, where sales rose by 21%, year over year, to $25.8 billion.
Gross profit margin in the quarter was 43.7% of sales.
Apple did not provide a forecast.
Cook and team will host a conference call to discuss the results at 5 pm, Eastern time, and you can listen to the Webcast from the company’s investor relations Web site.
