Apple Shows Strong Q1 Results, Exceeds Expectations

Apple has reported better-than-anticipated Q1 results, riding on iPhone 13 sales picking up despite the infamous chip supply shortages.

Apple announced EPS of $2.10 on revenue of $123.95 billion, overcoming expectations of EPS of $1.89 on revenue of $118.68 billion. 

iPhone revenue, which makes up about half of total revenue, rose to $71.6 billion from $65.60 billion a year earlier, beating estimates of $68.34 billion - a figure largely boosted by the new iPhone 13 release.

Revenue from Apple’s service business including Apple News, Apple TV+ and iCloud, also grew to $19.52 billion from $15.76 billion, beating expectations of $18.61 billion.

"We grew by 9% for the quarter, which we were proud of, and that's despite having supply constraints during the quarter. The good news, if there is good news in here, is that the December quarter was worse than the previous quarter, where we're projecting March to be better than the December quarter and that's in terms of supply constraints”, Apple’s Chief Executive - Tim Cook, told CNBC.

Following the earnings report, in after-hours trading, Apple shares have gained over 5%.

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