Apple released its fiscal second fiscal quarter earnings Thursday, with rising sales in most of its key categories, including the iPhone, Mac, wearables and services.
For the three months ending in March, Apple notched $50.6 billion in sales of iPhones, up more than 5% from the year prior. Its iPads and Macs continued to sell strongly as well, despite continuing supply constraints, the company told Reuters in an interview.
“This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world,” Apple CEO Tim Cook said in a statement. He’s expected to discuss more details about the company’s results on a conference call with analysts later in the day.
Apple’s stock closed regular trading up nearly 5% to $163.64 per share. The company’s shares have fallen about 10% so far this year.
Apple’s announcement marks the latest sign of the tech giant’s staying power in a time of economic uncertainty. Major Wall Street indexes are expected to lose value this month, with notable drops among tech stocks. Google parent Alphabet reported lower than expected sales and profit Tuesday, disappointing investors. The next day, Facebook parent Meta reported widening losses in its Reality Labs division, which makes virtual reality headsets and other associated technologies. CEO Mark Zuckerberg has said he believes Reality Labs is key to the company’s future.
More broadly, Russia’s invasion of and subsequent war with Ukraine has rippled across the world, rattling markets for oil, wheat and other items that both countries contribute to the world economy. Meanwhile, surging COVID-19 cases in China have prompted extended lockdowns, disrupting food supplies and upsetting residents, leading to slowed manufacturing and trade.
Apple, though, continues to navigate those challenges enough to continue growing its business.
The company reported increased sales for its Mac division, as well as its wearables and accessories efforts. Apple’s services, which notched its first Oscar win for the Apple TV Plus movie Coda, rose more than 17% to $19.8 billion. That makes services, which also include subscriptions like Apple Music streaming and Apple Arcade gaming, its second-largest division behind the iPhone.
Apple said it notched profits of $25 billion, up nearly 6% from last year. That translates to $1.52 per share in profit, off $97.28 billion in overall revenue, which itself was up 9% from the $89.58 billion reported last year. It also beat analyst estimates, which were $1.43 in profit per share on $93.9 billion in sales for the three months ended in March, according to surveys published by Yahoo Finance.
