Apple revenue up 11 percent despite supply chain issues

Apple posted its quarterly results showing an 11 percent increase in revenue compared to the prior year despite a global computer chip shortage and supply chain issues due to the COVID pandemic.

The technology giant recorded a revenue of US$123.9 billion and a quarterly earnings per diluted share of US$2.10.

The iPhone drove sales for Apple, with it as per usual being the most lucrative product for the tech giant. Sales for the iPhone in the quarter came in at US$71.6 billion, up only 9 percent.

The iMac creator joins the likes of Microsoft in beating Wall Street’s predictions, showing the strength the tech giants have regardless of the global environment.

Tim Cook, CEO at Apple said this quarter’s record results were made possible by the company’s “most innovative line-up of products and services ever”.

He made a note during the investors call that the company “experienced supply constraints that were higher than the September quarter” but did not mention any specific figure.

He said, “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.”

Luca Maestri, Apple’s CFO said the very strong customer response to Apple’s 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.

He said, “These record operating results allowed us to return nearly US$27 billion to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”