Apple hits revenue record despite chip shortage

 

Apple reported record $124 billion quarterly revenue on Thursday, despite a global chip pinch and shifting impacts of the pandemic that have weighed down other big tech players.

The expectations-beating results offered signals that the coronavirus-era tech boom may not be quite over yet, even as diminishing growth shadows firms like lockdown lifestyle champ Netflix.

"We set all time records for both developed and emerging markets and saw revenue growth across all of our product categories except for iPad, which we said would be supply-constrained," CEO Tim Cook told analysts.

Smartphone sales topped $71 billion, buoyed by strong demand for the iPhone 13 line, especially in China.

Overall, the tech giant posted a net profit of $34.6 billion in its first quarter, compared with $28.7 billion in the same quarter the prior year, according to the earnings report.