Apple reported that it earned a net income of $20.6 billion on revenues of $83.4 billion for the quarter ending September 30. The firm referred to the results as a “September quarter record,” but it fell short of Wall Street expectations.
“This year we launched our most powerful products ever, from M1-powered Macs to an iPhone 13 lineup that is setting a new standard for performance and empowering our customers to create and connect in new ways,” Apple CEO Tim Cook said. “We are infusing our values into everything we make — moving closer to our 2030 goal of being carbon neutral up and down our supply chain and across the lifecycle of our products, and ever advancing our mission to build a more equitable future.”
The questionable nature of Apple’s values notwithstanding, the iPhone remains Apple’s largest business. It delivered $38.9 billion in revenues in the quarter, or about 47 percent of all revenues, an incredible gain of 47 percent year-over-year.
Services is Apple’s second-largest business: it delivered $18.3 billion revenues, up 26 percent from the year-ago quarter. Mac had its best-ever quarter, but it only grew by 1.6 percent, to $9.2 billion. Wearables delivered $8.8 billion, an 11 percent gain. And iPad brought up the rear, with $8.3 billion in revenues, a gain of 22 percent.
In its post-earnings conference call, Apple said that its overall revenues would have been $6 billion higher had it not been for the ongoing supply chain issues. Apple’s gross margins are an incredible 42.2 percent.