Apple (AAPL) has posted record quarterly sales of $123.9 billion U.S. that crushed Wall Street estimates as the global semiconductor shortage eased and demand for iPhones grew.
Apple’s sales during its fiscal first quarter, ended December 25, rose 11% year-over-year, the company said after markets closed. Analysts had predicted sales of $119.1 billion U.S.
The consumer electronics giant said it benefited from strong sales of new products during the holiday sales season, including the iPhone 13, Apple Watch Series 7, and updated Mac computers.
Apple’s earnings rose to $2.10 U.S. a share, compared with the $1.90 U.S. estimated by analysts. The Cupertino, California-based company didn’t provide guidance for the current period, its fiscal second quarter, an approach that it’s used during the pandemic.
The company generated $71.6 billion U.S. in revenue from its flagship product, the iPhone, beating Wall Street estimates of $67.7 billion U.S. That’s up 9.2% from a year earlier. The sales period represented the first full quarter of iPhone 13 revenue.
Apple hit a record 23% market share in China in the fourth quarter of 2021, with the iPhone maker reclaiming the number one smartphone sales spot in that country for the first time in six years.
Apple’s shares rose 3.5% in after hours trading. Before the earnings report, the stock had fallen 10% this year, hurt by a broader downturn in technology stocks. Apple’s share price gained 34% in 2021. After topping a market capitalization of $3 trillion U.S. in early January, Apple is now worth $2.6 trillion U.S.
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