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Apple posts another record quarter, but Cook underlines supply constraints for iPad, see things improving in March

🔴 A report by research agency Counterpoint said Apple’s global smartphone shipments grew 18% year on year to a record 238 million units powered by growth in US, Europe, India and China.

Written by Nandagopal Rajan | New Delhi |
Updated: January 28, 2022 11:35:18 am
“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” said CEO Tim Cook. (File)

Powered by record quarters for its iPhone and Mac verticals, Apple has announced “all-time revenue record of $123.9 billion, up 11 per cent year over year” for the first quarter of 2022. “This quarter’s record results were made possible by our most innovative lineup of products and services ever,” said CEO Tim Cook. In an earnings call later, he elaborated that the company “set all-time records for both developed and emerging markets and saw revenue growth across all of our product categories, except for iPad”.

He said the iPad is still “supply constrained”, and they were “higher than the September quarter” and later added improvements were visible around March.

Tim Cook added that there were some encouraging signs visible for March, but cautioned not to consider it as predicting, “because of the number of variables that go into such a prediction”.

This is the eighth quarter since the pandemic began and Cook said, “While I can’t say it gets any easier, I can say I’m incredibly proud of the way our teams have come together and continue to innovate on behalf of our customers”.

In answer to a questions, Cook said the “largest issue by far has been the chip shortage”, which is “industry-wide” and on “legacy nodes”. “We pride ourselves on getting products to customers who really want them and try to do that in a fast basis. And so it’s frustrating that we can’t always do that at the speed that we would like,” Cook said.

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Cook added that there were some encouraging signs visible for March, but cautioned not to consider it as predicting, “because of the number of variables that go into such a prediction”.

Meanwhile, a report by research agency Counterpoint said Apple’s global smartphone shipments grew 18 per cent year on year to a record 238 million units powered by growth in US, Europe, India and China.

Senior Analyst Harmeet Singh Walia said Apple’s “growth in the US was driven largely by demand for the first 5G-enabled iPhone 12 series seeping through to the first quarter of 2021; demand which continued throughout the year ending on a strong Q4 thanks to Black Friday and holiday season promotions”.

He added that in India, too, the company had a good year due to higher replacement rates, better availability and more attractive financing options in mid-to high-tier phones.

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