Don't know about critically, but the film was very popular when released. The trend for jungle adventures had occured a year before with a film called 'Trader Horn'.
Johnny Weissmuller became the definitive Tarzan with this film and the others were considered "frauds".
You don't have a series of movies with the same lead and characters unless it makes money. As for critical, I have no evidence; but, I doubt it was a big hit with critics, but the movie audiences sure liked it. Kids loved it!
"Fortunately, Ah keep mah feathers numbered for just such an emergency!"
A financial success
definitely, as facts on IMDB indicate. It was one of the big hits of 1932.
Cost $670,000 Worldwide gross $2,540,000
compared to the big success & AA winner that year, Grand Hotel
Cost $700,000 Worldwide gross $2,594,000
Obviously Tarzan the Ape Man was a big hit at the box office
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A critical success
harder to judge, but to some extent, yes.
It was selected as one of the top ten movies by the National Board of Review in 1932.
Other than that, hard to tell, as there weren't many lists of top movies published back then.