Tim Cook says supply chain constraints are easing, despite ‘significant’ impact on iPad sales

Q1 2022 has been one of Apple’s best quarters in its history, according to The Wall Street Journal. Having reached $97 billion for the quarter, the company continues seeing double-digit growth year over year since it first released the iPhone 12 lineup with 5G. Prior to today’s conference call, the Cupertino company shared financial details from the beginning of 2022.

Apple’s revenue for the January-through March period rose 9% to $97. 3 billion, far exceeding analyst expectations for $94 billion. Earnings per share rose to $1. 52 from $1. 40 a year earlier–beating estimates for $1. 42 a share and setting a record for Apple’s fiscal second quarter.

This quarter, the company saw a rise in revenue by overcoming supply chain problems. In a Thursday interview, CEO Tim Cook stated that the supply problems were much less than those experienced in December. The supply issues aren’t over, unfortunately, as Cook also mentioned Apple anticipates a supply chain impact of $4-$8 billion in revenue for Q3.

Year-over-year statistics below:

In most of its segments, the company was able to increase its revenue year over year. There’s still demand for iPad despite revenue being down, however. Cook stated that iPad sales were being hampered by “very substantial supply constraints”. For several months iPads had been difficult to find in shops and online. Shipping took almost two months. Very recently, it’s become easier to obtain one.

Aside from supply chain issues, there have also been external factors last quarter that have challenged Apple’s resilience. Apple has halted sales to Russia despite the conflict in Europe. The company has made clear that COVID has not affected the March quarter.

The iTunes and App Store also saw notable growth in Q1, increasing 17% to $19. 8 billion.