Apple Inc (NASDAQ:AAPL) reported a record-breaking March quarter for revenues with the release of its 2Q earnings demonstrating strong consumer demand for the company’s products and services.
For the quarter ending March 26, 2022, the company reported $97.3 billion in revenues, compared to $89.6 billion for the same period in 2021, exceeding analyst expectations of $94.4 billion.
The company also reported a higher-than-expected profit of $1.52 per share, up from $1.40 for 2Q 2021, again coming ahead of analyst estimates of $1.43 per share.
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Apple's strong performance comes as analysts had expected the company’s overall growth to continue to slow following a bumper 2021 financial year, when the company reported its strongest earnings and revenue in recent times.
Ahead of the report, analysts were eagerly eyeing Apple’s Services revenue, which is generated from the sales of advertising, the App Store, Apple TV+, and other services.
Services revenue was in-line with analyst expectations, with the company reporting $19.8 billion for the quarter, compared to $16.9 billion for 2Q 2021.
In a release, Apple CEO Tim Cook said the company had set all-time revenue records for Services and March quarter revenue records for iPhone, Mac, and wearables, home, and accessories.
“We are delighted to see the strong customer response to our new products, as well as the progress we’re making to become carbon neutral across our supply chain and our products by 2030,” Cook said.
Following the release of the earnings, Apple stock was up 2% in after hours trading.
Contact Emily at emily.jarvie@proactiveinvestors.com
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