- Aug 17, 2014
Neither a global pandemic nor a supply chain crunch can stop Apple, based on the company's Q1 2022 earnings report. Released today, the report showed Apple smashing many of its sales records once again, with $123.9 billion in overall revenue and $34.6 billion in profit.
A lot of that money was driven by the iPhone 13, as this was the first full quarter since that product line's launch. When we reviewed the iPhone 13 lineup, we wrote that it doesn't exactly reinvent the wheel with flashy new features, but it does give the people what they say they want: better cameras and more battery life.
Cameras and battery life seemed to resonate with buyers. iPhone revenue for the quarter was $71.63 billion, up 9 percent year-over-year. Also, Apple achieved a new record for smartphone market share in the critical China market: 23 percent. That made the company the top-selling smartphone brand in the country for the first time in years.
Apple's services businesses (like Apple Music, Apple TV+, and iCloud) have been a major focus of expansion in recent years, and that expansion continues to pay off. Services revenue was up 24 percent to $19.52 billion during Q1. Apple reports that it has 785 million paying subscribers in total across all the services it offers. That's 165 million more than last year.
Mac revenue grew 25 percent since last year to $10.85 billion. That growth is thanks mainly to consumer interest in the M1-driven models that offer notably better performance and power efficiency than previous Macs with Intel processors. On the other hand, the iPad slipped 14 percent compared to the same quarter last year.
The company's catch-all category that includes other products like wearables and accessories grew to $14.7 billion, mostly on Apple Watch and AirPods sales.