Today, Apple reported its financial results and earnings for the third fiscal quarter of this year which ended on June June 25, 2022. Revenue exceeded expectations with $83 billion. AAPL closed at $157.35 after rising by 2% year-over-year and quarterly earnings per diluted share of $1.20.
Analysts were expecting around $82 billion in revenue for the Cupertino-based giant’s third-quarter earnings. The company has once again, revealed record-breaking results. Revenue grew by 2% compared to 8% growth in the last quarter.
Apple CEO Tim Cook stated that the results speak to the company’s efforts in innovation and advancements and enriching the lives of the customers:
“This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers. As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.”
Speaking to CNBC, Cook said that the company sees inflation in the cost structure, logistics and wages, and certain silicon components and vows to continue hiring on a deliberate basis. Cook also spoke with Bloomberg, mentioning China with optimism as he claims to have seen “significant improvement” in supply and demand – following the slowdown due to COVID-19 lockdowns earlier this year.
Apple CFO Luca Maestri said that the installed base of active devices reached an “all-time high” in every region and product category:
“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category. During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans.”
Just like the previous earnings, Apple has switched from reporting unit sales to reporting by product category, and here are the results for each category:
- iPhone: $40.6B, ($39.5B up YOY)
- iPad: $7.2B, ($7.3B YOY down)
- Mac: $7.3B, ($8.2B down YOY)
- Wearables, Home, and Accessories: $8.0B ($8.7B down YOY)
- Services: $19.6B ($17.4B down YOY)
Finally, Apple’s board of directors declared a cash dividend of $0.23 per share of the stock. The company is holding an investor call on 2:00 pm PT to announce the full financial results for this quarter.
Just spoke to Apple CEO @tim_cook who told me:
– Apple will continue to invest through downturn but be “deliberate” in spending decisions.
– Expects revenue to accelerate in Sept. despite “some softness in some areas.”
– Saw “significant improvement” in China in supply/demand
— Emily Chang (@emilychangtv) July 28, 2022