Apple Powers to Record $124 Billion Year-End 2021 Quarter, Services Revenue Soars 24%

variety.com:

Todd Spangler NY Digital EditorApple turned in another smashing holiday quarter, posting a Wall Street-beating record $123.9 billion in sales for the last three months of 2021, even as the tech behemoth saw overall sales decelerate in the period.Total revenue increased 11% in the the quarter ended Dec.

25, 2021, which is Apple’s Q1 of fiscal year 2022. The company also posted record income of $34.63 billion, or $2.10 per diluted share.Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial and investment news, and more.Analyst estimates had pegged Apple revenue at $118.66 billion and EPS of $1.89, according to financial data provider Refinitiv.

Shares of Apple popped 3.8% in after-hours trading on the earnings beat. Sales of iPhones — Apple’s core product segment — were $71.63 billion, up 9%, in the year-end quarter, after the next-generation iPhone 13 family began shipping last fall.

That was an all-time high for the smartphone biz. Wall Streeters on average anticipated $67.6 billion in iPhone segment revenue, per FactSet.Apple’s Services revenue for the period rose 24%, to $19.5 billion, also a record, the same growth rate as in the year-earlier period.