Apple sales surge despite holiday supply shortages

Apple last year reported its most profitable holiday season yet despite widespread supply shortages.

Revenues for every Apple product category, with the exception of the iPad, grew in the quarter ending Dec. 25 when compared with the year prior. Overall annual revenue last year also surged 11 percent to $123.95 billion, according to an estimate from CNBC. 

Apple CEO Tim Cook said in an interview with the network that he was also expecting strong growth in the next quarter.

“What we expect for the March quarter is solid year-over-year revenue growth,” Cook said, according to CNBC. “And we expect supply constraints in the March quarter to be less than they were in the December quarter.”

In year-over-year estimates, sales soared 25 percent for Mac products and climbed 9 percent for iPhone products, per CNBC estimates. Apple’s Services, which include the App Store and Apple Music, was also up, by 24 percent.

For iPad products, meanwhile, revenue fell 14 percent.

Apple’s success pushed the company past a $3 trillion market value for the first time earlier this month, according to The Associated Press.

During a call with investors on Thursday, Cook said the company was looking at the metaverse, a digital internet space that is a priority for Meta, the parent company of Facebook.

“We see a lot of potential in this space and are investing accordingly,” Cook said, according to Reuters.