Apple Reports 3Q 2022 Results: $19.4B Profit on $83B Revenue

[MacRumors]

Apple today announced financial results for its third fiscal quarter of 2022, which corresponds to the second calendar quarter of the year.

For the quarter, Apple posted revenue of $83 billion and net quarterly profit of $19.4 billion, or $1.20 per diluted share, compared to revenue of $81.4 billion and net quarterly profit of $21.7 billion, or $1.30 per diluted share, in the year-ago quarter.

Gross margin for the quarter was 43.3 percent, according to Apple CFO Luca Maestri. Apple also declared a quarterly dividend payment of $0.23 per share, payable on August 11 to shareholders of record as of August 8.

iPhone and Services revenue achieved June quarter records, while Mac, iPad, and "Wearables, Home, and Accessories" revenue was down.

A category-by-category breakdown of Apple's Q3 2022 revenue is outlined below.

• iPhone: $40.6B, up from $39.5B in year-ago quarter
• iPad: $7.2B, down from $7.3B in year-ago quarter
• Mac: $7.3B, down from $8.2B in year-ago quarter
• Wearables, Home, and Accessories: $8.0B, down from $8.7B in year-ago quarter
• Services: $19.6B, up from $17.4B in year-ago quarter

Apple CEO Tim Cook:

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.

As has been the case for over two years now, Apple is once again not issuing guidance for the current quarter ending in September.

A recap of Apple's fiscal Q3 2022 financial results conference call can be found below.
Click here to read rest of article...

Article Link: Apple Reports 3Q 2022 Results: $19.4B Profit on $83B Revenue

 

[dantracht]

As always great stuff. I want them to succeed!

 

[Apple Knowledge Navigator]

And y’all laughed when they developed the Apple Ploshing Cloth.

This is what success looks like. They sell so many cloths even Tim don’t have one to wipe his screen to see these results!

 

[ponzicoinbro]

Yaaaa man my stocks go up 😄

And next week Nosferatu Gollum Putin will make markets keep shaking and I’ll lose my gains 😤

 

[temende]

Pretty crazy that even Apple is seeing (albeit small) declines in year-over-year profits.

 

[TheYayAreaLiving 🎗️]

Holy smokes! $19.4 Billion dollars just in profit. Apple is unstoppable. The future for Apple is looking extremely bright.

 

[DotCom2]

With all the bad news, this company STILL knows how to make MONEY!

 

[Motionblurrr]

Apple is such a titan it's almost scary. Nothing lasts forever but they sure do seem like they will. Steve Jobs was right when he said customer satisfaction/experience + high end build quality >>>> everything else

 

[lkrupp]

Pretty crazy that even Apple is seeing (albeit small) declines in year-over-year profits.

Some people gotta go negative no matter what.

 

[Think|Different]

DAYUM! Simply staggering amounts of dollars – and sense.

 

[TSE]

Amazing amount of money. Where's that recession at?

 

[chickeneaster]

Holy smokes! $19.4 Billion dollars just in profit. Apple is unstoppable. The future for Apple is looking extremely bright.

Yeah, it's crazy to think how much a big company makes just in profit. The total revenue is just bonkers!

 

[minik]

I helped out with the Apple Studio Display and accessories

 

[Reapro]

Thanks Tim. I'll open a few beers now.

 

[BuddyTronic]

Booya Apple!

$83 Billion revenue in this quarter is bigger than the Christmas quarter just a few years ago. I say, just think of it. Wow.

 

[DocMultimedia]

As always, I'm happy for being a shareholder.

 

[temende]

Some people gotta go negative no matter what.

I guess I should clarify – I was remarking that if even a company like Apple can't put up yearly growth in profits, that's a somewhat bad sign for the economy as a whole. I'm not trying to be positive or negative, just grounded in reality.

 

[lkrupp]

With all the bad news, this company STILL knows how to make MONEY!

The News is not what it used to be, even on tech blogs. What goes for news these days is agenda driven opinion, not news. Actor Denzel Washington said it best, “If you don't listen to the news you are uninformed. if you listen to the news you are misinformed.”

 

[Hmm]

Meanwhile, Intel falls as it reports an unprofitable second quarter.

 

[chickeneaster]

Some people gotta go negative no matter what.

If my company was making billions in profit and we made 2 billion less, I still would be ecstatic

 

[KaliYoni]

As always, I'm happy for being a shareholder.

Yes, the 12 month performance looks pretty good today, compared to widely used investing benchmarks:
https://finance.yahoo.com/chart/AAP...lIjoiY2hhcnQiLCJwYW5lbE5hbWUiOiJjaGFydCJ9fX19

Yeah, it's crazy to think how much a big company makes just in profit. The total revenue is just bonkers!

Well, any global mega-capitalization company is going to have billions in quarterly profits. A better measure of success is to compare similar size companies engaged in similar businesses.

Pretty crazy that even Apple is seeing (albeit small) declines in year-over-year profits.

Maybe not, given there have been multiple black swan events over the last year, including the war in Ukraine and the continuing COVID pandemic. Plus, specific to AAPL, it might be taking a profit hit right now because it is still amortizing the development costs for its newer products and components (I'm speculating here because nobody will know for sure until Apple releases its full financials).

Apple also declared a quarterly dividend payment of $0.23 per share

AAPL's dividend yield is beginning to look paltry, given the current direction of interest rates and AAP's cash holdings. How 'bout a big increase next quarter and/or a buyback, Tim? In fact, I think buybacks would have made sense during Q1 or Q2 given how badly AAPL got hammered during the first part of the year.

----------
ETA: Apple did $21.7 billion in stock buybacks in Q2, according to New York Times coverage of Apple's earnings call.

 

[TheYayAreaLiving 🎗️]

Meanwhile, Intel falls as it reports an unprofitable second quarter.

Add Facebook/Meta on the list too. Revenue drop!

ATT and TikTok competition responsible for Facebook revenue drop

Yesterday, Facebook/Meta reported its first-ever quarterly revenue drop. While the company highlighted challenges faced by US companies as well as...

9to5mac.com

 

[DotCom2]

The News is not what it used to be, even on tech blogs. What goes for news these days is agenda driven opinion, not news. Actor Denzel Washington said it best, “If you don't listen to the news you are uninformed. if you listen to the news you are misinformed.”

I am talking FACTS here. COVID is a fact, chip shortage is a fact, supply chain issues is a fact, China factory shut downs is a fact. etc etc etc.

 

[DaPizzaMan]

Holy smokes! $19.4 Billion dollars just in profit. Apple is unstoppable. The future for Apple is looking extremely bright.

My thoughts exactly. Services is just going to keep ballooning. And iPhone will never slow down.

 

[RRK50]

Had to laugh at the disappointed faces from the Apple is Doomed experts at CNBC.