Tim Cook says supply chain constraints are easing, despite a ‘significant’ impact on iPad sales

Q1 2022 has, according to Apple, been one of Apple’s best quarters in its history Wall Street Journal. After reaching $ 97 billion for the quarter, the company continues to see double-digit growth year over year since it first released the iPhone 12 series with 5G. Prior to today’s conference call, the Cupertino company shared financial details from the beginning of 2022.

Apple’s revenue for the period January to March rose 9% to $ 97.3 billion, far exceeding analysts’ expectations of $ 94 billion. Earnings per share rose to $ 1.52 from $ 1.40 a year earlier – beating estimates at $ 1.42 per share. share and set a record for Apple’s second-quarter financials.

Relieving supply chain issues helped the company increase revenue this quarter. “Supply constraints were significantly lower than what we had experienced in the December quarter,” CEO Tim Cook said in an interview Thursday. Unfortunately, supply problems are not over, as Cook also mentioned that Apple expects a supply chain impact of $ 4- $ 8 billion in revenue for Q3.

Year-to-year statistics below:

In most segments, the company managed to increase its revenue from year to year. There is still demand for the iPad despite declining revenue. In Thursday’s interview, Cook said the iPad’s performance was hampered by “very significant supply constraints.” For months, iPads were hard to find online and in stores, and shipping took nearly two months. Recently, it has become easier to get one.

Aside from supply chain issues, there have also been external factors last quarter that have challenged Apple’s resilience. While war has broken out in Europe, Apple stopped its sales in Russia. The company has made it clear that COVID has not affected the March quarter.

iTunes and the App Store also saw remarkable growth in Q1, rising 17% to $ 19.8 billion.

FTC: We use revenue-earning auto affiliate links. More.

Check out 9to5Mac on YouTube for more Apple news: