Apple Revenue Hits New Record of $83 Billion in Q3 2022

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The world economy is in recession. But there are many companies that know how to act in every situation and get the most. The Cupertino-based company is surely among them. Recently, the company announced a record-breaking $83 billion in the third quarter of 2022. However, this is an expected result. Well, the Wall Street expectations have been a bit lower but the analysts forecasted that Apple revenue will increase this quarter.

How Much Did Apple Earn?

Apple shared some data concerning its performance in the third quarter on Thursday. It turns out, in Q3 2022, the company managed to get a 2% year-over-year increase from the $81.4 billion in revenue reported in 2021. Apple’s earnings-per-share is $1.20.

As said, analysts have been thinking the iPhone maker will report revenue of around $82 billion and earnings-per-share of $1.16 in the June quarter. As you can see, the actual results are slightly better.

The third quarter was the first full quarter that Apple was offering many new products. Among them, we should mention the Mac Studio, Apple Studio Display, and iPhone SE 3. At the same time, the company uncovered the new MacBook Air and MacBook Pro. Of course, they came later. But we should admit that these models had an impact on the final results as well.

Tim Cook

These numbers could be better if there are no Covid-related disruptions in China and the supply chain. According to some calculations, Apple revenue was hit by $4-$8 billion.

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“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,” said Apple CEO Tim Cook. “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 creating products for everyone.”

Apple Revenue By Sections

When looking at the sections of Apple revenue, we can see that $40.6 billion comes from iPhone sales. It is slightly up from $39.6 billion in the year-ago quarter. At the same time, the revenue coming from iPad sales was $7.22 billion, a decrease from $7.37 billion in Q3 2021. The Mac revenue dropped as well, from $8.2 billion last year to $7.38 billion. Wearables, Home, and Accessories were $8.08 billion, down from $8.8 billion.

Interestingly, Apple is paying more and more attention to non-hardware products. With every quarter, we see that services get a larger share of Apple revenue. For instance, in Q3 2022, they brought in $19.6 billion, an increase from the $17.4 billion it raked in during Q3 2021.

“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,” said Apple CFO Luca Maestri. “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.”

While many users and analysts are blaming Apple for various reasons, the company knows how to make money. Apple still remains one of the most recognizable brands in the world. So it’s reasonable that brands like it can maneuver in various economical situations. But the oddest thing is that whatever this brand releases, it becomes a hit in a blink. There were some periods when its products were not on the top, but frankly, such periods are rare.

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