Services shine in Apple’s record March quarter

Apple has reported its best financial figures for the March quarter, raking in a colossal £97.3 billion for the three-month period ending March 26, marking an increase of 9% over the same period a year earlier. Net quarterly profit came in at £25 billion, up from £23.6 billion on the year-ago quarter. Apple’s increasing investment in services — which include products such as the App Store, Apple TV+, Apple Fitness+, Apple News+, and Arcade, and could soon include the iPhone — is clearly paying off, with subscriptions reaching 385 million globally, up by 40 million over the previous quarter and 165 million over a year ago.

Revenue for services reached a record £19.8 billion, reflecting a 17% increase over a year ago. But as ever, it was Apple’s iPhone that really propelled the company to its record quarter, with the iPhone 13 and other models earning the business £50.6 billion, up by 5.5% over a year earlier. Apple’s new M1 Macs are continuing to perform well, too, with revenue reaching £10.4 billion, marking an increase of 14.7% over the same period a year ago. iPad revenue, however, dropped by 1.9%, earning Apple £7.7 billion for the quarter.

Responding to the overall impressive results, Apple CEO Tim Cook said he was “delighted to see the strong customer response to our new products, as well as the progress we’re making to become carbon neutral across our supply chain and our products by 2030.”

Looking ahead, Cook acknowledged in a call with investors the ongoing supply constraints impacting Apple and the wider tech industry, revealing that continuing silicon shortages and COVID-related disruptions in parts of China could reduce Apple’s revenue in the current quarter by between £4 billion and £8 billion.

On a positive note for the tech giant, Cook said its assembly plants in the Shanghai region had recently restarted following a government-imposed closure that lasted several weeks in a bid to curb a COVID outbreak there.

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