Apple hits new quarterly revenue record despite supply chain troubles

CEO Tim Cook said the 'record results were made possible by our most innovative lineup of products and services ever'

Apple posted its highest quarterly revenue increase in the company's history on Thursday at $123.9 billion, showing an 11% year-over-year boost during last year's critical holiday season despite ongoing supply chain challenges and chip shortages.

Apple

An Apple logo hangs above the entrance to the Apple store on 5th Avenue in the Manhattan borough of New York City, July 21, 2015. (REUTERS/Mike Segar/File Photo / Reuters Photos)

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"This quarter’s record results were made possible by our most innovative lineup of products and services ever," CEO Tim Cook said in a letter to investors reporting the results. 

"We are gratified to see the response from customers around the world at a time when staying connected has never been more important," Cook continued. "We are doing all we can to help build a better world — making progress toward our goal of becoming carbon neutral across our supply chain and products by 2030, and pushing forward with our work in education and racial equity and justice."

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Apple CEO Tim Cook poses with a new MacBook Pro for Apple's Unleashed 2021 event at Apple Park in Cupertino, California, U.S., in a photograph released October 18, 2021.  (Apple Inc/Handout via REUTERS / Reuters Photos)

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The Q1 2022 results showed profits of $34.63 billion, or $2.10 per share, beating Wall Street estimates of $1.90 per share. Were it not for parts shortages and supply chain woes, Apple's earnings might have been even higher.

Cook had said in October that demand for Apple products was strong, but blamed supply chain issues for costing the company an estimated $6 billion in the previous quarter. It appears the firm was able to navigate through a lot of the problems during the last three months of 2021.

"We saw supply constraints across most of our products," Cook told The Wall Street Journal on Thursday as the company released its Q1 2021 results. He expressed optimism that further issues would be alleviated, adding, "We’re forecasting that we will be less [constrained] in March than we were in the December quarter."

Apple

Apple Inc. has seen its market capitalization surge to nearly $3 trillion. (Photo: Bridget Bennett for The Wall Street Journal) (The Wall Street Journal)

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Apple's stock price climbed more than 3.5% in after-hours trading following the release of the results.

In early January, the tech behemoth became the first U.S. company to hit $3 trillion in market value. Fellow titan Microsoft was valued at around $2.5 trillion at the time.

FOX Business' Suzanne O'Halloran contributed to this article