Apple Inc. advanced in late trading after quarterly revenue beat past Wall Street estimates, marking a victory against a supply-chain crunch fueled by the pandemic and chip shortages.
Sales rose 11% to a record $123.9 billion in the fiscal first quarter, the company said Thursday. Profit also beat projections, and the company predicted that sales would grow by a double-digit percentage in the March quarter.
The surprisingly strong results suggest that fears of supply upheaval were overblown. Apple Chief Executive Officer Tim Cook had warned late last year that shortages could cost the company more than $6 billion in sales during the all-important holiday period. But the tech giant navigated the crisis and benefited from a flood of new products, including the iPhone 13, Apple Watch Series 7 and updated Macs.
Shares of Apple gained as much as 5.8% to $168.38 in extended trading. Before the report, they had fallen 10% this year amid broader market downturn. The stock gained 34% in 2021.
