Apple revenue during the July-to-September quarter totaled $83.4 billion, up 29% year over year and a new record for the quarter. That lead to an dramatic increase in net income. Revenue from iPhone was up significantly, while iPad, Mac, wearables and services revenue grew by smaller percentages.

But analysts had been expecting more. The consensus was for Apple’s total revenue to be nearly $85B. It’s rare for the company to not exceed these expectations. Apple execs said in a conference call after the announcement that component supply constraints cut revenue by $6B.

iPhone is the driver for Q4 2021 revenue growth

iPhone revenue for Apple’s September quarter hit $38.9 billion, up 47% from the same quarter of 2020. But this isn’t an Apple-to-apples comparison, because iPhone 13 debuted this quarter but COVID pushed the launch of the iPhone 12 to the following quarter of 2020.

With other products also seeing gains, the company’s net income totaled $20.6 billion, up from $12.7 billion year over year. That’s a 62% increase.

Apple’s financial year also ends in September. And it was one that gave Apple’s CFO reason to brag. “Our record September quarter results capped off a remarkable fiscal year of strong double-digit growth, during which we set new revenue records in all of our geographic segments and product categories in spite of continued uncertainty in the macro environment,” said Luca Maestri.

Investors anticipated the good news. AAPL shares climbed 2.5% on Thursday, near the company’s all-time high and pushing the company to a total valuation back above $2.5 trillion.

Apple having an amazing 2021

As Maestri said, Apple has been on a roll. During its previous quarter, the Mac-maker saw its revenue climb 36% from the same quarter of last year. And profits were up as well.

And in the first three months of 2021, revenue grew 54% year-over-year.