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Apple smashes Wall Street expectations with historic Q1 revenue

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Apple (AAPL) reported its Q1 earnings on Thursday, blowing away Wall Street’s expectations with a historic quarter on strong demand for the iPhone 13 and services.

Here are the most important numbers from the report compared to what analysts were expecting from the company as compiled by Bloomberg.

Revenue: $123.95 billion versus $119.05 billion expected.

Earnings per share: $2.10 versus $1.90 per share expected.

iPhone: $71.6 billion versus $67.7 billion expected1.

iPad: $7.2 billion versus $8.1 billion expected.

Mac: $10.8 billion versus $9.5 billion expected.

Wearables: $14.7 billion versus $14.1 billion expected.

Services: $19.5 billion versus $18.6 billion expected.

Apple’s stock was up more than 1% following the announcement.

The company’s revenue jumped some 11% in Q1 despite the ongoing chip shortage, which took a $6 billion bite out of Apple’s revenue in Q4 2021.

“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” Apple CEO Tim Cook said in a statement. “We are gratified to see the response from customers around the world at a time when staying connected has never been more important.”

The holiday quarter is incredibly important for Apple, as it provides Wall Street with a look at how the company’s products may perform throughout the rest of the year.

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Moving forward, Wedbush’s Dan Ives offered a positive outlook for Apple’s Q2.

“While the supply chain issues have curtailed some growth for Apple on this massive product cycle playing out across its entire hardware ecosystem, we believe the pent-up demand story for Cupertino is still being underestimated by investors with chip issues a somewhat transitory issue in our opinion,” Ives wrote.

Bloomberg reports that Apple is also expected to launch a 5G-capable version of its iPhone SE in the coming months, along with updated versions of its iPad and Mac laptops. But it will be some time before those rumored products show up on Apple’s bottom line.

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