Apple Inc (NASDAQ: AAPL) CEO, Tim Cook, annoyed that the company has 1.8 billion active gadgets. It was in the midst of an earnings call that Cook mentioned that the number of active Apple devices had gone from 1.65 billion in 2021.
In addition, the company managed to beat expectations from Wall Street with its earnings. The company’s revenue increased to $123.95 billion from $119.05 billion. Its earnings per share (EPS) increased from $1.90 to $2.90. After the announcement, Apple’s stock value rose by 1%. Cook states that the company’s success was partly due to innovative products and services.
After Apple released the Apple 13 smartphone, its sales in China rose to a record high, and the company led the market for the first time in six years. The company’s market share, which was 16%, rose to 23%. Other smartphone companies in China, such as Huawei, recorded a decline in market share.
Apple manages to navigate supply chain issues
Meanwhile, the company is no longer facing supply chain issues. Supply chain problems have been an issue for many companies, thus limiting production. While the trouble might be over for Apple, some companies, including Tesla Inc (NASDAQ: TSLA), will continue to limit their production.
Apple has previously predicted that supply chain issues would disrupt its quarterly earnings. However, the company managed to navigate many of these challenges and launched several products, which increased its sales.
Apple wants to launch a payment service
Apple also plans to launch a service that will allow small businesses to receive payments through their iPhones. The company has worked on this project since 2020 when it bought Mobeewave for $100 million. Mobeewave created a system that lets smartphones receive payments by tapping a credit card. It is still unclear if the feature will be advertised as part of Apple Pay.
The company has also fixed a Safari data leak. The Apple Safari bug allowed website operators to monitor you even when using privacy protection. This vulnerability was not the only one that Apple patched up.
Apple could soon announce its first product of the year, an iPad on tap and the iPhone SE with 5G capability. However, reports don’t indicate when this could happen.
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