Apple has released financial data for the first quarter of fiscal 2022, which ended on December 25, 2021. The company set an all-time revenue record of $123.9 billion, up 11% year over year, and earned $2.10 per diluted share in the fourth quarter.
“The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO.
According to a report released by Counterpoint Research, Apple had its “highest ever” market share in China in the three months leading up to December. This is the first time in six years that the tech giant has topped the country’s rankings.
Apple’s market share in China grew 23 percent in the fourth quarter of 2021, up from 16 percent the previous year. According to Counterpoint Research, total smartphone sales in China declined 9% year over year.
According to analysts, Apple has surpassed Chinese smartphone company, Vivo which has lost 6% of its market share.
According to a different report issued last week by Canalys, Apple’s performance in China has helped it restore its position as the global market leader. Canalys did not break out its own estimate of China sales statistics.
Last year, executives had warned that a global shortage of microchips could limit the company’s sales, but the company’s quarterly statement to investors on Thursday indicated it had overcome those obstacles.
“They’ve navigated the supply chain better than everybody, and it’s showing in the results,” said Ryan Reith, an analyst at IDC who monitors the smartphone market.
Sales of Mac computers increased by 12%, while iPhone sales increased by 9%.
With few competing phones launching during the holiday shopping season, Apple’s iPhone 13, which began selling days before the quarter began, resulted in $71.6 billion in worldwide phone sales revenue.
According to the Counterpoint report, Apple ranked third in China for the full year of 2021. Vivo and Oppo took first and second place, with each capturing around a fifth of the market.
“Furthermore, Huawei, Apple’s main competitor in the premium market, faced declining sales due to the ongoing US sanctions,” Counterpoint Research analyst Mengmeng Zhang said.
The Chinese manufacturer’s ability to procure essential components for its products has been hampered by American sanctions.
With Samsung about to introduce a major smartphone next month, competition in the smartphone market is heating up.