(Source = Yonhap News)

Apple Affected by China Lockdown, First Quarter Sales of 124 trillion Won ‘Highest in History’

(Source = Yonhap News)

Apple achieved the highest sales and net profit in the first quarter of this year (Apple’s own accounting standards, the second quarter).

According to the Wall Street Journal (WSJ) and Reuters, Apple reported revenue of $97.3 billion (about 123.8 trillion won) and net profit of $25 billion (about 31.8 trillion won) in the first quarter of this year. Sales increased by 8.6% compared to the same period last year, and net profit increased by 8.6%.

This was an all-time high in terms of first-quarter earnings and exceeded Wall Street’s expectations. The Wall Street consensus was $94 billion in sales and $1.42 per share in earnings. It is evaluated that it recorded good results despite adverse factors such as inflation, supply chain disruptions, China’s lockdown due to COVID-19, and the Ukraine war.

Looking at sales by sector, iPhone sales grew 5.5% year-on-year to $50.57 billion (about 64 trillion won). This is 51% of total sales. The popularity of the iPhone 13 series, launched in September last year, contributed significantly to sales.

Mac sales increased by 15% year-on-year to $10.4 billion (about 13 trillion won). While PC shipments in the global market this year decreased by 4.3% compared to the first quarter of last year, shipments of the MacBook series equipped with Apple’s own System-on-Chip (SoC) M1 series increased by 8%. In the PC sector, only Apple showed an upward trend. The increase in service sales is also attracting attention. License sales, including subscription services such as Apple One, which Apple has been focusing on, jumped 17% year-on-year to $19.8 billion (about 25 trillion won).

Looking at Apple’s regional sales, the North American market grew the most. North America sales rose 20% year-on-year to $50.5 billion (about 64 trillion won). Sales in Asia, including China, Hong Kong, and Taiwan, also increased by 3%. Apple CEO Tim Cook said, “China’s zero-corona 19 policy will not hurt Apple.”

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