Apple Inc Q1 revenues beat analyst estimates for sales in all product categories except iPads and total revenue rose 11% YoY, according to a press release by Apple on Thursday.
- Chief Executive Tim Cook had cautioned in October that chip shortages were hampering the manufacturing of most Apple products and could lead to more than $6bn in lost sales.
- The company’s overall fiscal Q1 revenue was $123.9 billion, rising 11% from the prior year and higher than analysts’ estimate of $118.7 billion.
- The profit of the iPhonemaker was $34.6 billion or $2.10 per share, compared with the analysts’ estimates of $31 billion and $1.89 per share.
- Services revenue jumped 24% to $19.5 billion, surpassing analysts’ estimates of $18.6 billion. The company has 785 million paying subscribers across its offerings.
For investors, the growing services business is working to mitigate production challenges. Apple is trading at 27 times expected earnings over the upcoming 12 months. AAPL up +3.39%, Pre-market trading.