By Yasin Ebrahim
Investing.com - Apple (NASDAQ: AAPL ) reported better-than-expected fiscal first-quarter results as iPhone 13 sales picked up pace after chip supply shortages hampered production.
Apple shares gained 3% in after-hours trade following the report.
Apple announced EPS of $2.10 on revenue of $123.95 billion. Analysts polled by Investing.com anticipated EPS of $1.89 on revenue of $118.68 billion.
iPhone revenue, which makes up about half of total revenue, rose to $71.6 billion from $33.4 billion a year earlier, missing estimates of $58.34 billion.
The higher-than-expected figure comes as consumers rushed to buy a new slate of products including the iPhone 13, and new Macbook product line.
Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, grew to $19.52 billion from $15.76 billion.
"The very strong customer response to our 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,” Apple said in a statement.
In an interview that followed the earnings report, Apple chief executive Tim Cook hailed the growth in the quarter, and touted improving supply-chain issues that could bolster growth in the March quarter.
"We grew by 9% for the quarter, which we were proud of, and that's despite having supply constraints during the quarter," Cook said in an interview with CNBC. "The good news if there is good news in here is that the December quarter was worse than the previous quarter, where we're projecting March to be better than the December quarter and that's in terms of supply constraints."
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.