(Apple) Apple Inc. posted a record revenue of $123.9 billion in the first quarter of 2022, up 11% from the prior year.
Apple’s Tim Cook attributed the record results to its innovative product and services lineup, confirming that the company was also making progress towards becoming carbon neutral by 2030.
Sales in the flagship iPhone category was $71.63 billion, up from $65.6 billion in the prior year. Mac and iPad sales came at $10.85 billion and $7.25 billion, respectively.
The company’s net income improved to $34.63 billion or diluted earnings per share of $2.10 in the first quarter, up from $28.76 billion or diluted EPS of $1.68 in the prior year.
The strong sales accompanied an announcement by Cook that the iPhone giant was seeking an expansion into augmented reality apps. The company said it already has 14,000 AR apps on its App Store, with further increases expected.
The metaverse ambitions have been touted as critical in the growth of Apple’s services, whose sales were posted at $19.52 billion in Q1, 2022, up from $15.76 billion in the prior year.
AAPL: NASDAQ is up +5.04%.
