Apple revenue pops 11% to $123.9 billion, Cook says supply chain improving

Apple reports fiscal first-quarter earnings after the bell.

The quarter includes Apple’s holiday sales. It’s also the first full quarter of iPhone 13 sales, which will provide a data point about how Apple’s latest phone is selling. The iPhone 13 launched in September.

Here’s what Wall Street is expecting, per Refinitiv consensus estimates:

• EPS: $1.89 estimated
• Revenue: $118.66 billion estimated

Apple hasn’t provided guidance since the start of the Covid-19 pandemic, citing uncertainty.

But in October, Apple signaled that the December quarter would reflect “solid year-over-year revenue growth” over last year’s $111.4 billion in sales in the first fiscal quarter.

Investors will also look for how well Apple managed its supply chain during a worldwide shortage of parts needed to build electronics. Apple said in October it faced supply constraints that it expected would hurt revenue by over $6 billion in the quarter.