On Thursday, Tim Cook, chief executive officer of Apple Inc. said that the company’s supply chain issues were showing improvement. This sent the shares up by about 5 percent. The company also posted robust results for the quarter which includes holiday season sales, much above estimates. It is also the full quarter since the release of iPhone 13. Both revenue and profits shattered market expectations.

Tim Cook said that their expectations for the March quarter was “solid year-over-year revenue growth.” He also said that the company expected less “supply constraints” in the March quarter when compared with the December quarter.

The latest earnings report from Apple has been its largest single quarter report for revenue as sales grew over 11 percent, although the company faced supply chain issues as well as effects of the ongoing pandemic. All products, except the iPads, beat analysts estimates. However, iPads also faced the highest crunch of supply issues from October, itself.

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Apple reported the following results when compared with the consensus estimates of Refinitiv

The estimated earnings per share (EPS) was $1.89 but Apple reported $2.10 which is 25 percent extra, year-on-year.
Revenue was estimated to be $118.66 billion but company posted $123.9 billion which is 11 percent in excess, year-on-year.
iPhone revenue was estimated to be $68.34 billion but was $71.63 billion, 9 percent above forecast.
The Services revenue was $19.52 billion, 24 percent more than the estimate of 18.62 billion, year-on-year.
Other products also saw a 13 percent increase year-on-year at $14.70 when compared with the estimate of $14.59 billion.
Revenue from Mac was $10.85 billion up by 25 percent year-on-year compared to estimated $9.52 billion.
iPad revenue was down by 14 percent, year-on-year at $7.25 billion when compared with estimated $8.18 billion.
Gross margin estimated at 41.7 percent but was reported to be 43.8 percent.