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Apple made more last quarter, $124 billion, than General Motors made last year

Friday January 28, 2022. 03:38 PM , from Mac Daily News
Apple on Thursday released financial results for its fiscal 2022 first quarter ended December 25, 2021. The company posted an all-time revenue record of $123.945 billion, up 11 percent year over year, and quarterly earnings per diluted share of $2.10.
Apple Park, Cupertino, California
Todd Spangler for Variety:

Analyst estimates had pegged Apple revenue at $118.66 billion and EPS of $1.89, according to financial data provider Refinitiv. Shares of Apple popped 3.8% in after-hours trading on the earnings beat.
Sales of iPhones — Apple’s core product segment — were $71.63 billion (up 9%) in the year-end quarter, after the next-generation iPhone 13 family began shipping last fall. That was an all-time high for the smartphone biz.
Apple’s Services revenue for the period rose 24%, to $19.5 billion, also a record, the same growth rate as in the year-earlier period. The segment comprises the App Store, Apple Pay, Apple Music, Apple TV Plus, iCloud, AppleCare and other subscription businesses. In the quarter, Apple recorded all-time high revenue for areas including cloud, music, video, advertising and payment services, CFO Luca Maestri said on the earnings call Thursday.
As of the end of 2021, Apple had 785 million paying subscribers globally across all services, up 165 million (or 27%) in the last 12 months, Maestri told analysts. That includes both Apple-branded and third-party services.
In addition, Apple now has an active installed base of more than 1.8 billion devices worldwide, CEO Tim Cook said on the call.

MacDailyNews Take: The mammoth size of Apple’s 2021 holiday quarter can be difficult to wrap your mind around.
For some perspective, General Motors is No.49 on the Fortune 500 with annual revenue of $122.485 billion. Apple just surpassed that, reporting revenue of $123.945 billion in a span of 90-odd days.
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The post Apple made more last quarter, $124 billion, than General Motors made last year appeared first on MacDailyNews.

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