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Apple Posts Highest-Ever Quarterly Earnings in Sign It Tamed Supply Crisis

  • Sales climbed 11% to a record, led by iPhones as usual
  • Supply-chain constraints expected to ease in March quarter
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Apple Beats Sales Estimates Amid Supply-Chain Crunch
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Apple Inc. shares gained the most since 2020 after quarterly results sailed past Wall Street estimates, marking a victory against a supply-chain crunch fueled by the pandemic and chip shortages.

Sales climbed 11% to a record $123.9 billion in the fiscal first quarter, the company said Thursday. Analysts had predicted $119.1 billion on average. Profit also beat projections, and the company predicted that sales would grow by a double-digit percentage in the March quarter.