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Apple beats estimates with a record Q2 revenue of $97.3 billion

Apple today announced its financial results for the second quarter of fiscal year 2022, which covered the calendar first quarter and the months of January, February, and March.

Apple reported revenue of $97.3 billion for the quarter, an increase of 9%. Earnings per share for the company were $1.52 and profit was $25 billion.

Check out our full coverage of Apple’s fiscal Q2 2022 earnings release below.

AAPL Q2 2022 earnings details

In the wake of a record-breaking holiday quarter in Q1 2022, analysts had high expectations for Q2 2022. Apple was expected to report total revenue of $95.51B, against $89.58B for the same quarter last year and EPS of $1.53.

Wall Street also saw growth for the iPhone, Mac, Wearables, and Services businesses, but a decline for iPad revenue.

Again, Apple did not provide any guidance for the quarter, citing supply-side disruptions as the reason. Ongoing COVID-19 disruptions and supply shortages continue to impact Apple’s revenue and its ability to predict future numbers.

Apple no longer reports unit sales for any of its products but instead reports a breakdown of revenue by product category. Here is the full breakdown for the fiscal Q2 2022:

    • iPhone: $50.57 billion (Up 5.5% YOY)
    • Mac: $10.43 billion (Up 14.3% YOY)
    • iPad: $7.65 billion (Down 2.2% YOY)
  • Wearables: $8.82 billion (Up 12.2% YOY)
  • Services: $19.82 billion (Up 17.2% YOY)

Apple has also announced a cash dividend of $0.23 per share of its common stock, an increase of 5%. Additionally, the board of directors approved an increase of $90 billion to the existing share repurchase program.

AAPL stock reaction

AAPL stock is up over 2% to $167 per share after Apple beat earnings expectations. The company closed at $156.57 yesterday and rose 4.52% during trading today before releasing earnings.

Apple executive quotes

Here’s what Apple CEO Tim Cook had to say about the company’s Q2 2022 earnings:

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,” said Tim Cook, Apple’s CEO. “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.

And CFO Luca Maestri added:

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,” said Luca Maestri, Apple’s CFO. “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.

You can read Apple’s full earnings release in this post on Apple Newsroom.


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