Despite limits caused by a global scarcity of microchips, Apple sales rose over the crucial Christmas shopping season.
In the October to December quarter, sales at the iPhone behemoth increased by 11% to a record $123.9 billion (£92.6 billion), above expectations.
After-hours trading saw shares climb more than 4% as the news suggested the company’s pandemic boom would continue.
As individuals spend more time online during the epidemic, Apple has experienced a surge in sales.
The company’s market capitalization temporarily surpassed $3 trillion in early January, but its share price has since fallen amid recent market volatility.
Last year, executives warned that a global scarcity of microchips may restrict the company’s sales, but in its quarterly statement to investors on Thursday, the company dismissed such fears.
Sales of Mac computers increased by 12%, while iPhone sales increased by 9%.
With few competing phones launching during the holiday shopping season, Apple’s iPhone 13, which began selling days before the quarter began, resulted in $71.6 billion in worldwide phone sales revenue.
Apple’s services segment, which includes Apple Pay, the App Store, and its TV streaming service, saw a 23 percent increase in revenue.
The iPad was the only device that exhibited signs of weakness, with sales dropping 14% due to supply concerns, according to executives.
The firm’s growth in the quarter was fueled by strong demand in China, where sales increased by 20%.
Apple reported a 20 percent increase in earnings to $34.6 billion.
Despite shortages caused by the pandemic and, most recently, the Omicron version, the business, which has more than 1.8 billion active devices on the market, has been able to put pressure on suppliers and manufacturers to create large amounts of iPhones and other devices.
“They’ve negotiated the supply chain better than everyone else, and it’s showing in the results,” said Ryan Reith, an analyst at IDC who monitors the smartphone market.
Supply restrictions, according to Chief Financial Officer Luca Maestri, would lessen in the current quarter, which ends in March.
“The degree of restraint will be determined in large part by other businesses, as well as the demand for chips from other businesses and sectors. We find it impossible to forecast, therefore we attempt to concentrate on the near term “he stated