Apple on Pace for $120 Billion 2022 Net Income and Says Supply Chain Improving

Apple beat on its quarterly results but more importantly they say their supply chain issues are improving.

Apple CEO Tim Cook said that the company’s supply issues were improving. He said that in terms of supply challenges, the December quarter was worse than Apple’s September quarter, but that he is projecting the March quarter to improve.

“Our biggest issue is chip supply, it’s chip supply on legacy nodes,” Cook said. “And we’re doing okay on the leading edge stuff.”

Leading edge chips are the powerful processors at the heart of a phone, while “legacy node” chips are the other, less sophisticated parts that run functions like driving displays or managing power.

This is good news that global supply chain issues are relieving in certain major areas.

Apple had 43.8% gross margin on $123.9 billion in revenue. Revenue was at 11% over the prior quarter. Apple had $34.6 billion in net income in three months.

Written By Brian Wang,

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