Chart of the Week: Apple Revenue Soars Above US$100 billion
Author: Tim Phillips
Date: January 28, 2023
A monster quarter. That’s probably the best way of describing the latest numbers that consumer electronics giant Apple Inc (NASDAQ: AAPL) just posted earlier this week.
Along with Microsoft Corporation (NASDAQ: MSFT) and Facebook Inc (NASDAQ: FB), there was a slew of earnings announcements from the big, well-known tech giants this week.
While Microsoft set the stage with an impressive across-the-board rise in revenue in its three main product divisions, Apple went one better.
The iPhone giant saw a record period as it raked in revenue of US$111 billion for its fiscal quarter ending 26 December 2020, up 21.4% year-on-year.
Perhaps even more impressively, the company saw double-digit year-on-year increases across all its product categories, including iPhone sales which continued to dominate (see below).
Wearables gaining traction
Even though Apple’s flagship iPhone continues to garner all the attention on the revenue front, the company’s wearables division – which includes AirPods and Apple Watch – saw a 30% year-on-year increase.
With the advent, and accelerated adoption, of remote health monitoring Apple clearly eyes an opportunity to capitalise on a potentially lucrative long-term opportunity.
Reinforcing the Apple ecosystem, via the Apple Watch, iPhone and even iPad (which saw a 41% surge in sales), has been a virtuous cycle for the company.
Apple’s wide product range means the growth trajectories of some of these divisions is still in their relatively younger days, particularly wearables and services.
Meanwhile, Apple’s business in Greater China saw a boost as sales in the region climbed 57% year-on-year as Apple stores in the world’s second-largest economy remained opened longer than they did in the Americas and Europe.
Firing on all cylinders, and netting an impressive US$28.8 billion in net profit over the period, Apple shareholders couldn’t have asked for a more solid quarter.
Source: The National News, Apple.
Disclaimer: ProsperUs Head of Content Tim Phillips owns shares of Microsoft Corporation.