The Cupertino, California-based tech giant collected 85% of operating profit and 48% of revenue from smartphone sales over the course of the year, new Counterpoint Research estimates showed. Both were new peaks for the company, 15 years into the iPhone’s time on the market, and the firm’s flagship device also scored its biggest proportion of global smartphone shipments.
In 2022, worldwide smartphone shipments fell by double digits, most severely in China, and those profits dwindled for the majority of companies.
[Apple]’s profit lead on peers would have been even greater if it had been able to ship more of its top-tier devices [iPhone 14 Pro and flagship iPhone 14 Pro Max] in the final quarter of the year, the research firm said.