Apple has reported record revenues in the second quarter of its financial year with turnover soaring to $97.3bn between January and March.
This was $3bn more than analysts predicted and nine per cent up on the same period last year.
Over half ($50bn) of its monster revenues came from iPhone sales while services, including music and video subscriptions, contributed a record sum just shy of $20bn.
The technology giant also enjoyed its highest ever levels of net income with profits coming in at $25bn.
Apple has rewarded shareholders with a five per cent rise in its dividend while the board has additionally approved a further $90bn share buyback.
The company’s strong showing was anticipated by investors and shares in the world’s most valuable listed company are up three per cent in after-hours trading – having gained 4.5 per cent in regular dealings earlier in the day.
As for headwinds, Apple has warned it expects a greater impact in the coming months from the pandemic and Russia’s war in Ukraine than initially expected, which could result in an $8bn hit for the company this quarter.
The company’s stock has been particularly sensitive in recent months to COVID-19 related production shutdowns in China and chip shortages – also linked to pandemic disruption – as global supply fails to live up to high demand.
The situation has damaged chip-reliant industries from carmakers to game console producers over the past couple of years.
These issues could be exacerbated by higher energy costs caused by the ongoing conflict in Ukraine, while surging war-linked inflation could squeeze household budgets across developed economies.
Analysts have expressed concerns this dampen sales growth.
Apple executives warned it could sustain a hit of up to $8bn in the current quarter from headwinds including supply chain shortages and factory shutdowns in China, underscoring how the challenges posed by the pandemic are far from over for the world’s most valuable company.
Nevertheless, Apple shares have outperformed the wider tech-heavy Nasdaq index, with demand for its core iPhones remaining high despite the increasing number of issues.