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Apple has reported making a record $83 billion in the third quarter of 2022, slightly ahead of Wall Street’s expectations for the economically hit fiscal period.
The iPhone maker on Thursday announced the results ahead of its scheduled analyst conference call. The results for the third quarter of 2022 indicate a slight increase of 2% year-over-year from the $81.4 billion in revenue reported in 2021. Apple reported earnings per share of $1.20.
Analysts expected Apple to report revenue of approximately $82 billion and earnings per share of $1.16 in the June quarter.
The June quarter was the first full quarter of availability for several new products, including the Mac StudioApple Studio viewand third generation iPhone SE. Apple also announced new MacBook Air and MacBook Pro models, although those releases were later in the quarter and won’t have a significant impact on earnings.
Apple’s Q3 2022 also saw the brunt of the fallout from Covid-related disruptions in China and supply chain issues. While not providing formal guidance, Apple warned of $4 billion to $8 billion in revenue as a result of those issues.
“This quarter’s record results are a testament to Apple’s continued efforts to innovate, develop new capabilities and enrich the lives of our customers,” said Apple CEO Tim cooks. “As always, we lead the way with our values and express them in everything we build, from new features designed to protect users’ privacy and security, to tools that will improve accessibility, part of our long-standing commitment to products for everyone.”
The company’s iPhone sales reached $40.6 billion, up slightly from $39.6 billion in the year-ago quarter. iPad revenues have fallen to $7.22 billion, down from $7.37 billion in the third quarter of 2021.
Mac revenues fell to $7.38 billion, down from $8.2 billion in revenue a year ago. Wearables, Home and Accessories declined slightly to $8.08 billion from $8.8 billion.
Services, which have long been a growth engine for Apple, brought in $19.6 billion in the June quarter, up from $17.4 billion in the third quarter of 2021.
As usual during the pandemic, Apple has not provided a formal revenue forecast for the next quarter of September.
Apple’s board of directors has announced a cash dividend of $0.23 per share. The dividend will be made payable on August 11 to shareholders known as of the close of business on August 8.
“Our June quarterly results continued to demonstrate our ability to effectively manage our business despite the challenging business environment. We set a record revenue for the June quarter and our installed base of active devices hit an all-time high in every geographic segment and every product category,” said Apple CFO Luca Maestri. “During the quarter, we generated nearly $23 billion in operating cash flow, returned more than $28 billion to our shareholders, and continued to invest in our long-term growth plans.”