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Apple iPhones Revenue Grew Worth $71.6 Bn Despite Supply Constraints

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Despite supply constraints, Apple iPhone revenue grew 9 percent (on-year) to an all-time record of $71.6 billion in the October-December quarter of 2021. The company expects another record January-March quarter this year despite global supply chain issues and chip shortages.

According to the company, thanks to the remarkable customer response to its new iPhone 13 family, it set records in both developed and emerging markets.

“We reached an all-time high in the iPhone active installed base and the latest survey of US consumers from 451 research indicates iPhone customer satisfaction of 98 per cent,” Apple CFO Luca Maestri said in the earnings call late on Thursday.

According to CEO Tim Cook, the active install base of Apple devices is now at a new record with more than 1.8 billion devices.

“We set all time records for both developed and emerging markets and saw revenue growth across all of our product categories except for iPad, which we said would be supply constrained,” he informed.

“As expected, in the aggregate, we experienced supply constraints that were higher than the September quarter,” Cook added.

The product side revenue was $104.4 billion, up 9 percent over a year ago, while the services segment set an all-time revenue record of $19.5 billion, up 24 percent over a year ago.

“Despite significant supply constraints, we grew in each of our product categories except iPad, where supply constraints were particularly pronounced, and set all time records for iPhone, Mac and wearable and home accessories,” the company informed.

For Mac, the revenue of $10.9 billion was also an all-time record, with the growth of 25 percent year over year, driven by strong demand for MacBook Pro powered by M1.

iPad generated $7.2 billion in revenue, down 14 percent year over year due to very significant supply constraints, but customer demand was very strong across all models, said Apple.

“Wearable and home accessories set a new all-time record of $14.7 billion, up 13 per cent, and we set all time revenue records in each geographic segment,” said Maestri.

The company said that it expects to achieve solid year-over-year revenue growth and set a March quarter revenue record despite significant supply constraints.

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