Apple has managed to rid itself of chip shortages and other challenges, surpassing analysts’ estimates: Apple’s total revenue in the first fiscal quarter was $123.9 billion.
This was up 11% year over year. It also means that the company’s revenue was above analysts’ average estimate of $118.7 billion, with earnings of $34.6 billion, or $2.10 per share, compared with analysts’ expectations of $31 billion, or $1.89 per share.
Apple’s report showed record sales in the iPhone, Mac and wearables and accessories segments, and for the first time in six years, the company also became the top-selling supplier in China.
As well as selling hardware, Apple has seen growth in sales of services such as music, TV and fitness subscriptions.
Apple now has 785 million paying subscribers in its seven or more subscription offerings, an increase of 40 million from the previous quarter.
Apple Chief Financial Officer Luca Maestri said the decline in the chip shortage would save the company a whopping $6 billion in lost revenue.
However, he pointed out that the company’s revenue will decline in the current quarter due to the less favorable foreign exchanges rate and the varying launch dates of the products.
For more information, read the original story in Reuters.