Apple has again posted record revenue as revenue for fourth quarter of 2021 hit $123.9bn.
The figure is up 11 per cent on the previous year and comes despite challenging chipset shortages throughout the pandemic.
Net income jumped to $34.6bn for the final three months of 2021, which surpassed the $31.1bn that was forecasted, while Apple’s stock grew by five per cent.
Strong iPhone sales helped Apple to achieve the record-breaking revenue, beating the $111.4bn posted during the same quarter last year.
iPhone sales accounted for $71.6bn of revenue generated, while services also grew significantly to $19.5bn, accounting for Apple’s second biggest segment.
However the chipset shortages did hit sales of iPads, with sales down to $7.2bn from $8.4bn the previous year. In a previous earnings call Apple said that it has missed out on $6bn in overall revenue to the chipset shortages.
Apple CEO Tim Cook said: “This quarter’s record results were made possible by our most innovative lineup of products and services ever. We are gratified to see the response from customers around the world at a time when staying connected has never been more important.”
Commenting on Apple’s performance for the quarter, CCS Insight principal analyst, connected devices Leo Gebbie said that its services business will continue to grow.
“Apple’s Services revenue stream has become an extraordinary engine, delivering continual growth each quarter as the installed base of iPhone owners grows.
“Even as replacement cycles change, with people holding onto their devices for longer or buying second-hand, Services deliver reliable recurring revenue from the entire user base.”