Apple announced its earnings for the first quarter of 2022. It posted an all-time record high revenue of $123.9 billion, an 11 percent increase year-on-year.

The company’s board of directors declared a cash dividend of $0.22 per share of the common stock while the quarterly earnings per diluted share stood at $2.10. The company’s net quarterly profits were pegged at $34.6 billion compared to $28.8 billion in Q1 2021.

The company’s CFO Luca Maestri remarked that the recent product launches propelled the company to “double-digit growth in revenue and earnings” and set a new record high of 1.8 billion installed base of active devices.

“These record operating results allowed us to return nearly $27 billion to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”

The company’s CEO, Tim Cook, also voiced a similar sentiment. He said, “This quarter’s record results were made possible by our most innovative lineup of products and services ever.” He added that he was “gratified” to see the response from customers. He also mentioned that Apple is making rapid strides towards its goal of achieving carbon neutrality by 2030 while “pushing forward with work in education and racial equity, and justice.”

iPhone still contributes a majority of the company’s revenue in Q1 2022

Apple earned a record quarterly revenue for the iPhone, Mac, and Accessories businesses. Maestri notes that the supply chain constraints particularly hampered the iPad’s business performance. Product revenue saw a 9 percent uptick from last year. Breaking down the Q1 2022 report, each category contributed the following amount to the posted $123.9 billion revenue:

• iPhone: $71.6 billion
• Mac: $10.8 billion
• Wearables, Home, and Accessories: $14.7 billion
• Services: $19.5 billion

Cook also touched upon the Black Unity Month initiatives, 15 years of the company’s (PRODUCT)RED initiatives that raised $270 million, and the $260 billion transferred to developers.

Maestri mentioned that 98 percent of iPhone users are satisfied with the device, while most Mac sales were from M1-powered devices. He added that the last 6 quarters had been the best 6 quarters for the Mac. Moreover, around 60 percent of Apple Watch customers were new to the product, while 50 percent of iPad customers were new to the product.

The iPhone maker has not issued any guidance for the current quarter ending March 2022. However, Maestri said that the company expects all-time high revenue in the March quarter, but the revenue growth rate will decelerate from December after explosive March growth. The deceleration from the December quarter was also recorded in the services sector.