Cupertino-based tech giant Apple has reported a massive $50 billion in iPhone shipments for the first quarter of the year. Apple’s iPhone earnings for the first three months of 2022 stood at $50.57 billion, which is a 5.5% improvement from 2021. The current iPhone sales figures are quite remarkable, and Apple CEO, Tim Cook says it was a successful quarter.
The surge in iPhone use is not unconnected with “switchers” – previous Android users who have now switched to using an iPhone. The sales numbers could also indicate a growing demand for the iPhone across several global markets. Apple’s expansion of its customer base could also be due to the production of the more affordable iPhone SE 3 model in addition to the flagships. Apple CEO Cook also says that the company grew switchers by a double-digit rate, reflecting consumer confidence that is picking up after a lull.
On the flipside, iPad sales shrank by 2% to $7.65 billion from the previous year. Cook stated that supply chain challenges were the main reason for declines in iPad sales in the quarter. On the whole, however, Apple’s performance in the quarter was much better than expected. Apple’s services arm also saw a jump in revenues for the first quarter, posting a 17.28% improvement from 2021. The total revenue from the services arm stood at $19.82 billion.
According to CEO Cook, Apple will continue to pursue vigorously its focus on innovation in products and services. He says the company is delighted to see a strong customer response to its new products and its pursuit of a carbon-neutral status by 2030. Due to the strong financials, Apple declared a dividend per share of $0.23 and the board has announced it will authorize a $90 billion share buyback.
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(via)
