Tim CookSource: Apple

What you need to know

  • Apple shares are up almost 5% ahead of Friday's markets opening.
  • The company announced its Q1 earnings on Thursday, January 27.
  • It saw an all-time revenue record of almost $124 billion.

Apple's share price has risen by almost 5% in pre-market trading following the company's Q1 earnings call Thursday.

Apple announced a new all-time quarterly revenue record of nearly $124 billion on January 27. From the announcement:

Apple today announced financial results for its fiscal 2022 first quarter ended December 25, 2021. The Company posted an all-time revenue record of $123.9 billion, up 11 percent year over year, and quarterly earnings per diluted share of $2.10.

CEO Tim Cook said the results were made possible by Apple's "most innovative lineup of products and services ever" and that the company was grateful for the response it had seen from its customers around the world.

During the course of its earnings, Apple announced that it now commands an install base of more than 1.8 billion devices and that it added 165 million paid subscribers to its services last year.

Apple says it saw revenue growth across every product and service line it has except iPad. Due to supply constraints, Apple revealed that iPad revenue had fallen by 14% year on year despite exciting new devices like the iPad mini 6, one of the company's best iPads in recent memory.

Apple also revealed that the company posted a record $11 billion in Mac revenue thanks to the success of Apple silicon and the new MacBook Pro (2021) powered by Apple's M1 Pro and M1 Max processors. Apple said its momentum was "impressive" and that the six previous quarters have all been the best six quarters ever for Mac.

Buoyed by this strong showing, AAPL sits at +4.44% in pre-market at the time of publication but has climbed to as high as $4.7% in the course of this morning.