Apple reported better-than-expected profits Thursday on robust consumer demand for its devices and services even as revenue growth slowed while it navigated an ongoing semiconductor supply crunch.
The technology giant reported quarterly earnings of $25 billion, up 5.8 per cent from the year-ago period as revenues rose nine per cent to $97.3 billion.
The results looked good following stumbles by some Big Tech peers as growth from the stay-at-home demand amid the pandemic slows and companies confront rising operating and labour costs.
“We are very pleased with our record business results for the March quarter, as we set an all-time revenue record for Services and March quarter revenue records for iPhone, Mac, and Wearables, Home and Accessories,” said Chief Financial Officer Luca Maestri.
“Continued strong customer demand for our products helped us achieve an all-time high for our installed base of active devices.”
The company scored revenue increases in most of its categories, including iPhone and Services. But sales fell for the iPad, with Maestri pointing to supply chain constraints during a conference call with analysts.
The strongest growth by region was the Americas, with the company also reporting moderate revenue increases in Europe and Greater China. Revenues fell in Japan and other Asian markets.
Apple said it authorized $90 billion in additional share repurchases.
Shares initially rose following the report but dipped 1.3 per cent to $161.60 in after-hours trading.