Apple Beats Wall Street Expectations With Record $124 Billion Quarter

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Apple posted yet another record quarter in sales, earning $124 billion during the final three months of 2021.

For the period ended Dec. 25, which represent the tech giant’s first fiscal quarter of 2022, Apple surpassed Wall Street’s expectations on both earnings and revenue. Apple’s EPS was $2.10 per share. Analysts were projecting revenue of $118.66 billion and an EPS of $1.89.

Apple’s Services revenue was up 24%, to $19.5 billion, which was also a record.

“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” Tim Cook, Apple CEO Tim Cook said in a statement. “We are gratified to see the response from customers around the world at a time when staying connected has never been more important. 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.”

“The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “These record operating results allowed us to return nearly $27 billion to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”

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