Apple Results Beat in Q1 as iPhone 13 Sales Shine

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Apple Results Beat in Q1 as iPhone 13 Sales Shine
Credit: © Reuters.

By Yasin Ebrahim - 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 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."

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