27 January, Apple released results for the first quarter of fiscal year 2022, which ended 25 December. The report was much better than expected., and stocks in the postmarket grew immediately by 5%, to 167 $.
Financial results
Here's how Apple's numbers grew compared to the first quarter of fiscal 2021, and here's what analysts predicted:
- revenue — 123.9 billion (+11%), forecast - 118.7 billion dollars;
- earnings per share - 2,1 (+25%), forecast - 1,9 $.
Sales per category, except iPad, also exceeded expectations. Here's how they've changed over the years:
- iPhone - 71.6 billion (+9%), forecast - 68.3 billion dollars;
- iPad - 7.2 billion (−14%), forecast - 8.2 billion dollars;
- Mac - 10.9 billion (+25%), forecast - $ 9.5 billion;
- accessories - 14.7 billion (+13%), forecast - 14.6 billion dollars;
- services - 19.5 billion (+24%), forecast - 18.6 billion dollars.
Traditionally, most of the sales came from the iPhone - 68% of total revenue. And the only product, which disappointed investors, became iPad. Here sales fell and did not reach the expectations of experts. The reason is the shortage of microcircuits.
The fastest growing categories were sales of Macs and services. Services are the income of services like the App Store, Apple Music, Apple Pay and others. And it is this highly profitable business that some analysts, for example from KeyBank, called the main driver of Apple's growth. For the same reason, the company's quarterly gross margin turned out to be higher than experts' expectations.: 43,8 against 41,7%.
Same as last quarter, Apple used most of its profits to buy back its own shares., namely 20.5 billion out of 34.6 billion dollars.
What's with the chip shortage
In the past few months, experts have raised concerns about Apple's quarterly results.. In mid-October 2021, it became known: the company will reduce production due to a shortage of components and factories closed due to COVID-19 in Asia.
In two weeks, at the end of October, fears were confirmed. For the first time since 2017, Apple's revenue fell below analysts' expectations.: 83,36 against $ 84.85 billion. Then Apple CEO Tim Cook said: The company lost $6 billion in revenue due to a chip shortage..
By Tim Cook, now the supply situation is starting to improve gradually.
