Apple reported record revenue for its fiscal Q1 2022 (the period from 26 September to 25 December 2021) despite significant supply shortages, a headwind CEO Tim Cook (pictured) noted had worsened during the period.

On an earnings call, Cook noted some legacy chips were in short supply, with the iPad hardest hit of all Apple’s products, with sales down 14 per cent year-on-year despite strong demand.

“We do see an improvement in the March quarter in terms of the constraints going down”.

Cook noted the App Store offers 14,000 AR applications when quizzed about metaverse developments, an area Apple believes holds “a lot of potential” and is “investing accordingly”.

Net income rose 20.4 per cent to $34.6 billion on revenue of $123.9 billion, up 11.2 per cent.

Sales of iPhones were 9.2 per cent higher, generating 57.8 per cent of total revenue, and Cook predicted continued growth as subscribers upgrade handsets. “We’re still really in the early innings of 5G”.

Apple performed well in China, an area analysts predicted may be weak, with sales up 21 per cent.

The vendor offered no guidance for its fiscal Q2 2022 due to what CFO Luca Maestri labelled “the continued uncertainty around the world”.