Apple posted record quarterly sales and net profit in the first three months of its 2022 financial year despite supply chain challenges.
Net profit increased more than 20 per cent to about $35 billion from the same period in the previous year. It was up by about 68 per cent from the preceding quarter.
Revenue rose 11.2 per cent a year to more than $123.9bn during the quarter that ended on December 25, exceeding analysts’ estimates of $118.6bn.
The results were made possible by the company’s “most innovative” line-up of products and services, Apple’s chief executive Tim Cook said.
“We are gratified to see the response from customers around the world at a time when staying connected has never been more important.
“We are doing all we can to help build a better world … making progress towards our goal of becoming carbon neutral across our supply chain and products by 2030, and pushing forward with our work in education and racial equity and justice,” Mr Cook said.
Apple's stock price rose more than 4 per cent to $159.2 a share in after-hours trading.
Apple's sales across all product categories reported double-digit growth in the last quarter.
The technology company's iPhone sales accounted for about 57.7 per cent of the company's total revenue in the holiday quarter despite supply chain disruptions.
Smartphone sales surged by about 9.1 per cent to more than $71.6bn in the quarter, compared with the same period in 2020, as they surpassed analysts' estimates of $68.3bn.
The company’s total revenue from services grew about 23.8 per cent annually to $19.5bn while revenue from wearables, home and accessories products increased by about 13.3 per cent a year to more than $14.7bn.
Revenue from iPads and computers jumped more than 5 per cent annually to about $18.1bn.
Mr Cook said coronavirus-induced supply chain disruptions are improving.
“What we expect for the March quarter is solid year-over-year revenue growth … we expect supply constraints in the March quarter to be less than they were in the December quarter,” he told CNBC in an interview.
Mr Cook, who has led one of the world’s most valued technology companies since 2011, earned more than $98.7 million in salary last year, more than six times his 2020 salary of $14.7m, according to a statement the Cupertino-based company filed with the US Securities and Exchange Commission.
Apple’s sales in the Americas accounted for about 41.5 per cent of the company's total first-quarter revenue and it earned $51.5bn in the region – a yearly increase of 11.2 per cent.
It was followed by Europe and the Greater China market (China, Hong Kong and Taiwan), which added $29.7bn and $25.8bn, respectively, to the company’s revenue.
Despite US-China trade issues, Apple managed to gain significant new ground in the Greater China market, which reported an annual increase of about 21 per cent.
Japan and rest of the Asia-Pacific market added more than $16.9bn to Apple’s first-quarter sales, an annual increase of 2.5 per cent.
During the December quarter, Apple returned about $27bn to its shareholders. The company looks to reach a net cash neutral position over time, chief financial officer Luca Maestri said.
“The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices,” Mr Maestri said.
Apple’s board of directors has declared a cash dividend of $0.22 per share of the company’s common stock. The dividend is payable on February 10 to shareholders on record at the close of business on February 7 this year, the company said.
In the October-December period, Apple spent more than $6.3bn on research and development, over 5 per cent of its total revenue. It was up by about 22.1 per cent compared to the same period in 2020.
Apple did not issue official guidance about future revenue and profits. The company stopped offering guidance at the start of the Covid-19 pandemic due to uncertainty in business.
The company’s cash, cash equivalents and marketable securities stood at $63.9bn, an annual increase of more than 2 per cent, as of December 25.
In September and October, Apple launched a series of new products, including the iPhone 13 series, Apple Watch 7, new AirPods and new iPads, as well as MacBook Pro laptops powered by the company’s in-house M1 Pro and M1 Max chips.
The new product releases helped the company to draw more customers in the holiday quarter, industry analysts said.
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
Match info
Huddersfield Town 0
Chelsea 3
Kante (34'), Jorginho (45' pen), Pedro (80')
Huroob Ezterari
Director: Ahmed Moussa
Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed
Three stars
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Global state-owned investor ranking by size
1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Mohammed bin Zayed Majlis
HOW%20TO%20ACTIVATE%20THE%20GEMINI%20SHORTCUT%20ON%20CHROME%20CANARY
%3Cp%3E1.%20Go%20to%20%3Cstrong%3Echrome%3A%2F%2Fflags%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E2.%20Find%20and%20enable%20%3Cstrong%3EExpansion%20pack%20for%20the%20Site%20Search%20starter%20pack%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E3.%20Restart%20Chrome%20Canary%3C%2Fp%3E%0A%3Cp%3E4.%20Go%20to%20%3Cstrong%3Echrome%3A%2F%2Fsettings%2FsearchEngines%3C%2Fstrong%3E%20in%20the%20address%20bar%20and%20find%20the%20%3Cstrong%3EChat%20with%20Gemini%3C%2Fstrong%3E%20shortcut%20under%20%3Cstrong%3ESite%20Search%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E5.%20Open%20a%20new%20tab%20and%20type%20%40%20to%20see%20the%20Chat%20with%20Gemini%20shortcut%20along%20with%20other%20Omnibox%20shortcuts%20to%20search%20tabs%2C%20history%20and%20bookmarks%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
Schedule:
Friday, January 12: Six fourball matches
Saturday, January 13: Six foursome (alternate shot) matches
Sunday, January 14: 12 singles
UAE currency: the story behind the money in your pockets
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Brief scoreline:
Manchester United 2
Rashford 28', Martial 72'
Watford 1
Doucoure 90'
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
- excessive and continuous worrying
- irregular sleep patterns
Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation
Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
The biog
Name: Mohammed Imtiaz
From: Gujranwala, Pakistan
Arrived in the UAE: 1976
Favourite clothes to make: Suit
Cost of a hand-made suit: From Dh550
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery