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iPhone sales drive Apple's revenue growth by 11% in Q4 2021

iPhone sales drive Apple's revenue growth by 11% in Q4 2021
Photo Credit: Pixabay
28 Jan, 2022
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Apple has recorded an 11% revenue surge to $123.9 billion year-on-year (YoY) in the quarter ended December 2021. The growth is driven by iPhone sales. During the same period, the company posted a net profit of $34.6 billion vis-à-vis $28.7 billion in the same quarter in 2020, it said in a statement.

The company attributed the phenomenal growth in its financials to robust smartphone sales which were worth $71.6 billion, up by 9% in the same period in 2020.

Attributing the growth to the iPhone sale, Apple CEO Tim Cook said this is the best iPhone lineup the company ever had. “During the December quarter, we set an all-time revenue record for iPhone, thanks to the strength of our incredible iPhone 13 lineup. This is the best iPhone lineup we’ve ever had and the reaction from the press and our users have been off the charts,” said Cook while interacting with analysts and investors post releasing results.

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On the overall product side, Apple’s revenue was $104.4 billion, up 9% over a year ago, despite significant supply constraints. “We grew in each of our product categories, except iPad, where supply constraints were particularly pronounced, and set all-time records for iPhone, Mac and Wearables, Home and Accessories,” maintained Cook.

Global technology market analyst firm Canalys has stated that Apple delivered another strong holiday quarter driven by its new iPhone lineup, taking its full-year shipments to 230 million units and year-on-year growth of 11%. The company sold 82.7 million units during Q4 2021 with a market share of 23% in the global smartphone market.

“The pandemic has not softened the high-end smartphone segment, however, as Apple and Samsung have shown,” commented Canalys Research Analyst Le Xuan Chiew, adding, “Apple’s record-breaking year in smartphones is no surprise.”

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Meanwhile, a report by Counterpoint Research revealed that Apple’s global smartphone shipments grew 18% YoY to reach a record 237.9 million units in 2021 due to robust numbers of the iPhone 12 series. Apple also grew in key markets such as the US, China, Europe and India. In China, it became the top smartphone brand in Q4 after six years thanks to the iPhone 13, consequently overtaking Samsung as the top smartphone globally in Q4 2021, as per Counterpoint.