Tim Cook Says More Android Users Switched To iOS Last Quarter
Apple CEO Tim Cook shared that Apple is seeing an increased shift of users from Android to iOS. Last quarter registered a lot of new iPhone users due to Android migration. Despite this huge improvement in iPhone sales, Apple shares dipped by 4%.
Apple registered a 9% growth as compared to the previous year’s numbers. The total revenue climbed to $97.28 billion which is 8.59% higher than the projected revenue of $93.89 billion. The Earnings Per Share of apple increased to $1.52.
Apple’s Business Performace
Out of this total revenue, iPhone accounted for more than 50% of the global sales. The iPhone revenue is $50.57 billion versus the projected estimate of $47.88 billion estimates. iPhone 13 is the primary force behind this 5.5% year-over-year increase.
Mac Revenue is $10.44 billion which is way bigger than the $9.25 billion estimated number. Mac revenue is up 14.73% year over year which is mainly due to the Apple Silicon in new Macs. Macs have become more powerful in the last two years than they ever were. However, a recent study revealed that the data transfer speed on Mac was far less than what Apple advertised.
Similarly, Other Product revenue and Services revenue also shot up significantly. Other Products revenue saw a 12.37% increase while the Services revenue shot up by 17.28% year over year. The only pain point of the total revenue is the iPad, which registered a decrease in the year-on-year growth. While the revenue was $7.65 billion vs. the $7.14 billion estimated revenue, the year of year growth is down by 1.92%.
Tim Cook’s thoughts on the growth
Tim Cook told CNBC that Apple also suffered the same fate as other businesses due to a disrupted supply chain. iPad manufacturing and sales suffered a lot due to supply chain woes.
However, Cook is happy that more users are upgrading to an iPhone and migrating from Android devices. It is also an indication that the flagship offerings of the Apple iPhone continue to entice millions due to brand value.
However, Apple did spend $90 billion in share buyback in 2021. What to think of Apple’s phenomenal growth this year? Will you buy an iPhone 13 or wait for the iPhone 14 launch? Share your thoughts in the comments section.
