Technology giant and iPhone maker Apple has released its quarterly financial statements tonight. The company reported revenue of about $ 97.3 billion. Earnings per share were $ 1.52, 9 cents above analysts’ expectations.
The analysts surveying the Dark Expected, on average, $ 94 billion in quarterly earnings and $ 1.43 earnings per share.
The company’s stock is up 2.2% in late trading.
Simultaneously with the publication of the results, Apple announced that it would repurchase its shares for a huge amount of about $ 90 billion.
IPhone sales this quarter were about $ 50.57 billion, up 5.5% from the same quarter last year. Analysts had expected about $ 47.9 billion. Revenue from services increased by 17.3% compared to the corresponding quarter and stood at about $ 19.8 billion.
Apple, like other hardware makers, is facing the chip-supply problem that plagues the entire world. Many companies have to deal with significant shortcomings due to the corona plague and more, Apple reported in the previous quarter $ 6 billion in damage due to lack of chips. At the same time, in recent months, Foxcon’s manufacturing plant in Shenzhen, one of Apple’s largest plants in China, has announced a shutdown due to a worrying increase in new cases of corona infections. There were also problems in Shanghai because there were many closures that shut down activities or exports of products from the area. So the company had to find other solutions, like training factories in India to manufacture devices.
One of Apple’s moves from last year, which is still very successful, is the move to its own independent processors and not to an external company. That way Apple can tailor the capabilities it needs to its specifications and it does not rely on other companies. In the last quarter the company launched several new products, including a new discounted iPhone, iPhone SE 2022. Beside it, the company has launched a particularly powerful desktop computer called Mac Studio, designed for premium users.
The war in Europe also gave its signals and has the ability to influence Apple reports: During the clashes between Russia and Ukraine, Apple announced that it had frozen the sale of all its products in Russia in response to the invasion of Ukraine. IPhones and other products were not shown in the company’s online store in Russia, a large market share.
In addition, Apple made history at the Oscars: “CODA,” Sean Hyder’s film, which was distributed exclusively on Apple’s streaming service, won the Best Picture award, making it the first streaming film to win the award.