On July 28, 2022, Apple published a report for the 3rd quarter of fiscal year 2022. The report was in line with expectations of Wall Street analysts.
Apple received a record quarterly revenue of $83 billion. However, quarterly profit fell by 12%. Apple stock reacted higher after the release of the report. The main reason for the growth of shares is a positive forecast for the next quarter.
Key economic figures from Apple’s Q3 2022 report
- – Earnings per share: $1.20 (forecast $1.15)
- – Revenue: $82.96B (forecast $82.97B)
Despite the fact that Apple’s business is gradually slowing down, iPhone smartphones are still selling quite well. IPhone sales grew by 3% compared to the same quarter last year. Tim Cook said that the number of new users of Apple products has grown at a double-digit pace. However, the negative trend is present in the global market: the threat of a recession may affect the decline in sales of smartphones and PCs around the world.
Apple’s Q3 2022 net income was $19.4 billion, down 11.8% from the same quarter last year ($21.7 billion).
The company managed to set record revenue for the quarter and grow its active user base to record levels across virtually every category and product segment.
Apple product revenue was $63.36 billion
- – iPhone $40.67 billion (+2.7%)
– Mac $7.38 billion (-10%)
– iPad $7.22B billion (-2%)
– Wearables and accessories $8.08 billion (-8%)
– Services $19.6B billion (+12%)
To date, the number of paid subscriptions has amounted to 860 million. Tim Cook expects Q4 2022 revenue to accelerate. The quarterly dividend will be $0.23 per share.