Apple hails ‘record’ Q1 revenues of £92.69bn

iPhone, Mac, Wearables, and Services revenues reached new ‘all-time highs’

Apple has reported a revenue record of $123.9bn (£92.69bn) for the first quarter ending December 25 2021 (Q1), rising 11% year-on-year from $111.43bn (£83.3bn).

The company’s net income also increased by 20.4% to $34.63bn (£25.89bn) compared to $28.75bn (£21.5bn) for the same period in 2020.

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iPhone, Mac, Wearables, and Services revenues reportedly reached “new all-time highs”, with iPhone sales rising 9% to $71.62bn (£53.56bn) from $65.597 (£49.05bn) in 2020.

Additionally, Mac sales increased by 25% from $8.67bn (£6.48bn) to $10.85bn (£8.11bn), and iPad sales were up 16% from $8.43bn (£6.3bn) to $7.24bn (£5.42bn). 

Meanwhile, Wearables, Home and Accessories increased 13% from $12.97bn (£9.7bn) to $14.7bn (£10.99bn), and Services were up 23% from $19.51bn (£14.59bn) from $15.76 (£11.78bn).

Overall, the Americas saw the largest sales, up 11% year-on-year from $46.31bn (£34.63bn) to $51.49bn (£38.51bn). This was closely followed by Europe at $29.74bn (£22.24bn), up 8.9% from $27.3bn (£20.42bn) in 2020.

Tim Cook, Apple CEO, said: “This quarter’s record results were made possible by our most innovative lineup of products and services ever.

“We are gratified to see the response from customers around the world at a time when staying connected has never been more important.”

Luca Maestri, Apple CFO, added: “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.

“These record operating results allowed us to return nearly $27bn (£20.19bn) to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”

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