Tim Cook says supply chain constraints are easing, despite ‘significant’ impact on iPad sales

This has been one of Apple’s best quarters in its history, according to The Wall Street Journal. Having reached $97 billion for the quarter, the company continues seeing double-digit growth year over year since it first released the iPhone 12 lineup with 5G. Prior to today’s conference call, the Cupertino company shared financial details from the beginning of 2022.

Apple’s revenue for the January-through March period rose 9% to $97.3 billion, far exceeding analyst expectations for $94 billion. Earnings per share rose to $1.52 from $1.40 a year earlier—beating estimates for $1.42 a share and setting a record for Apple’s fiscal second quarter.

Easing supply chain troubles helped the company grow revenue this quarter. “The supply constraints were significantly lower than what we had experienced during the December quarter,” CEO Tim Cook said in an interview Thursday. The supply issues aren’t over, unfortunately, as Cook also mentioned Apple anticipates a supply chain impact of $4-$8 billion in revenue for Q3.

Year-over-year statistics below:

In most segments, the company managed to grow its year-over-year revenue. There’s still demand for iPad despite revenue being down, however. In Thursday’s interview, Cook said iPad’s results were hindered by “very significant supply constraints.” For months, iPads were hard to find online and in stores with shipping taking nearly two months. Very recently, it’s become easier to obtain one.

Aside from supply chain issues, there have also been external factors last quarter that have challenged Apple’s resilience. While war has broken out in Europe, Apple to halted its sales in Russia. The company has made clear that COVID has not affected the March quarter.

The iTunes and App Store also saw notable growth in the quarter, increasing 17% to $19.8 billion.