Apple reported a 29% year-on-year rise in sales for the quarter ending September 25th to 83.4 billion US dollars. Sales of iPhones leapt 47% to 38.9 billion US dollars, while services revenue climbed 26% to 18.3 billion dollars.
Luca Maestri, Apple's CFO, said the company "experienced better-than-expected demand for our products despite supply constraints that we estimated at around 6 billion dollars." He added that "paid subscriptions continue to show very strong growth. We now have more than 745 million paid subscriptions across the services on our platform, which is up more than 160 million from last year, and nearly five times the number of paid subscriptions we had less than five years ago."
Although Maestri cautioned the impact from supply constraints will be larger during the December quarter, Apple expects to "achieve very solid year-over-year revenue growth and to set a new revenue record during the September to December quarter. We expect revenue for each product category to grow on a year-over-year basis, except for iPad, which we expect to decline year over year due to supply constraints. For services, we expect our growth rate to decelerate from the September quarter but to remain strong." Sources: Apple statements and Motley Fool transcript