Apple on 27th revealed their earnings for 2022 Q1 fiscal quarter, covering October, November, and December 2021. Despite Apple’s previous warnings of supply constraints hurting revenue, Apple’s earnings report for 2022 Q1 reported an 11% year over year increase in revenue, to a record of $123.9 billion with $34.6 billion in profit and $2.1 in earnings per share.
Holiday Earnings Proved Strong
The last calendar quarter of the year marks Apple’s strong holiday earnings quarter, which naturally means high expectations during these quarterly results. It seems Apple has met those expectations despite previous warnings of supply constraints, thanks to a number of new releases last year.
Of course, showing strong revenue growth overall doesn’t mean all segments did well. While all other product categories showed a year over year increase, iPads went down 14%. The tech giant reported the following earnings for each of its segments this quarter:
- iPhone: $71.6 billion (9% year over year increase)
- iPad: $7.2 billion (14% year over year decrease)
- Mac: $10.8 billion (25% year over year increase)
- Wearables, home, and accessories: $14.7 billion (13% year over year increase)
- Services: $19.5 billion (24% year over year increase)
Teasing Future Moves
Besides reporting on numbers, Apple’s earnings call also includes a Q&A session, which gave us a little insight into Apple’s future plans for innovation and new technologies.
For one, to a question about the metaverse and whether that’s a space Apple’s looking to enter, Tim Cook responded:
We’re a company in the business of innovation, so we’re always exploring new and emerging technologies. And this area is very interesting to us. Right now, we have over 14,000 ARkit apps on the App Store, which provide incredible AR experiences for millions of people today. We see a lot of potential in this space and are investing accordingly.
You might remember that there have been plenty of rumours about Apple’s upcoming AR/VR headset. However, according to Bloomberg’s Mark Gurman, Apple’s considering a mixed reality approach instead of a fully virtual metaverse like others *cough* Meta *cough*.
What About India?
While there were many global insights into Apple’s revenue and plans, India numbers weren’t mentioned. However, recent reports say that Apple has been dominating the Indian ultra-premium smartphone market with a 70% market share. That’s a 20% increase from 2020!
We can only say that Apple’s user base seems to be increasing steadily in the country. If this trend continues, Indian users might just get their wishes fulfilled and get access to features and perks we’re still missing in India. So, here was everything you needed to know about Apple’s 2022 Q1 earnings report. Until next time!