Apple today announced its fiscal second quarter results for 2022, which cover the calendar first quarter as well as the months of January, February, and March. The firm announced revenue of $97.3 billion for the quarter, up 9% year over year. The corporation earned $25 billion in profit and $1.52 per share in profit. In the first quarter of fiscal year 2022, Apple has already recorded quarterly revenue.
Analysts anticipated high expectations for Q2 2022, following an extraordinarily good, record-breaking holiday quarter in Q1 2022. Apple was projected to report a total profit of $95.51 billion, up from $89.58 billion in the prior quarter, and earnings per share of $1.53. Apple again abstained from providing guidance for the quarter, citing supply-chain difficulties. Apple’s income and ability to forecast future figures continue to be impacted by ongoing COVID-19 interruptions and supply constraints. Additionally, Wall Street forecasted increases for the iPhone, Mac, Wearables, and Services divisions, but a tiny decline in iPad revenue.
Furthermore, Apple announced a dividend payment of $0.23 per share of common stock, a 5% increase. It also recommended that the board of directors increase the amount of money the company spends on buying back shares by $90 billion. Apple’s stock went up more than 2% to $167 per share following the company’s earnings report. The stock closed yesterday at $156.57 and is up 4.52 percent today in pre-earnings trading.
The following is the complete summary for fiscal Q2 2022:
- iPhone: $50.57 billion (up 5.5% year-on-year).
- Mac: $10.43 billion (up 14.3% year-on-year)
- iPad: $7.65 billion (down 2.2% year-on-year).
- Wearables: $8.82 billion (up 12.2% year-on-year).
- Services: $19.82 billion (up 17.2% year-on-year).
- Products revenue was a March record with $77.5 billion, up 7% over a year ago
- Services set an all-time revenue record of $19.8 billion, up 27% over a year ago, with all-time records for the App Store, Music, Cloud Services and Apple Care and March quarter records for video, advertising and payment services.
- iPhone revenue grew 5% year-over-year to a March quarter record of $50.6 billion despite supply constraints, thanks to a remarkable customer response to iPhone 13 family the new iPhone SE.
- iPad generated $7.2 billion in revenue, down 2% year-over-year due to very significant supply constraints, but customer demand was very strong across all models including the new M1-powered iPad Air
- Mac revenue was $10.4 billion, a March quarter record of 15% year-over-year driven by strong demand for M1-powered MacBook Pro, despite supply constraints.
- Wearables, Home and Accessories set a March quarter record of $8.8 billion, up 12% year-over-year
- 825 million paid subscriptions across the services, up 165 million from just a year ago.
Speaking on Apple’s Q2 2022 earnings results, Apple CEO, Tim Cook, said,
This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world. We are delighted to see the strong customer response to our new products, as well as the progress we’re making to become carbon neutral across our supply chain and our products by 2030. We are committed, as ever, to being a force for good in the world — both in what we create and what we leave behind.
Speaking on Apple’s Q2 2022 earnings results, Luca Maestri, Apple CFO, said,
We are very pleased with our record business results for the March quarter, as we set an all-time revenue record for Services and March quarter revenue records for iPhone, Mac, and Wearables, Home and Accessories. Continued strong customer demand for our products helped us achieve an all-time high for our installed base of active devices. Our strong operating performance generated over $28 billion in operating cash flow, and allowed us to return nearly $27 billion to our shareholders during the quarter.