Apple reports record-breaking $83B in revenue in supply impacted Q3 2022

Posted:
in General Discussion edited July 28
Apple has reported that it made a record-breaking $83 billion in the third quarter of 2022, coming slightly ahead of Wall Street expectations for the economically impacted fiscal period.

Apple CEO Tim Cook
Apple CEO Tim Cook


The iPhone maker on Thursday announced the results ahead of its scheduled conference call with analysts. Its Q3 2022 results mark a slight 2% year-over-year increase from the $81.4 billion in revenue reported in 2021. Apple reported earnings-per-share of $1.20.

Analysts were expecting Apple to report revenue around $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 Studio, Apple Studio Display, and third-generation iPhone SE. Apple also announced new MacBook Air and MacBook Pro models, though 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 effects from Covid-related disruptions in China and supply chain issues. Although it did not provide formal guidance, Apple warned of a $4 billion to $8 billion revenue hit from those problems.

"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 create products for everyone."

The company's iPhone revenue reached $40.6 billion, up slightly from $39.6 billion in the year-ago quarter. iPad revenue is down to $7.22 billion, a decrease from $7.37 billion in Q3 2021.

Mac revenue went down to $7.38 billion, down from the year-ago revenue of $8.2 billion. Wearables, Home, and Accessories decreased slightly to $8.08 billion, down from $8.8 billion.

Services, which has long been a growth driver for Apple, brought in $19.6 billion in the June quarter, an increase from the $17.4 billion it raked in during Q3 2021.

As has been typical during the pandemic, Apple did not provide formal revenue guidance for the upcoming September quarter.

Apple's board of directors declared a cash dividend of $0.23 per share. The dividend will be payable on Aug. 11 to shareholders of record as of the close of business on Aug. 8.

"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."

Read on AppleInsider
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Comments

  • Reply 1 of 33
    No doubt that Apples’ current product line is working. Apple Silicon not only helps sell devices (revenue), but increase the profit of that revenue as well. Next few quarters will most likely continue to be profit growth. 
    radarthekatjas99jony0byronlwatto_cobra
  • Reply 2 of 33
    Wow! Nice!
    iOS_Guy80jas99jony0watto_cobra
  • Reply 3 of 33
    Is this revenue after $4-$8 billion impact Apple guided last quarter? 
    watto_cobra
  • Reply 4 of 33
    VAVOOM !!!
    jas99watto_cobra
  • Reply 5 of 33
    JP234JP234 Posts: 115member
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.
    iOS_Guy80jas99retrogustomacxpressnarwhalcoolfactorjony0viclauyycbyronlkurai_kage
  • Reply 6 of 33
    sdw2001sdw2001 Posts: 17,873member
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.
    No one is Steve.  But Apple became more than Steve after the iPhone and iPad.  His innovative and visionary approach had become Apple’s culture.  Tim and his team were able to take it and mix it with superb business strategy (most notably the shift to subscription services over time).  
    aderutterjas99ronnviclauyycbyronlkurai_kageJP234watto_cobra
  • Reply 7 of 33
    radarthekatradarthekat Posts: 3,511moderator
    iPad and Mac significantly supply constrained.  That aspect of the business is only going to improve going forward. The future of Apple, as usual, remains bright. 
    jas99ronnviclauyyc9secondkox2watto_cobra
  • Reply 8 of 33
    geekmeegeekmee Posts: 574member
    And when does the ‘Super Cycle’ begin…(??)
    edited July 28 watto_cobra
  • Reply 9 of 33
    This is really impressive under the circumstances. I guess they’re not missing that Russian business too much. If/when the supply constraints ease and currencies return closer to their historic exchange rates, everything will look even better. 
    ronnwatto_cobra
  • Reply 10 of 33
    coolfactorcoolfactor Posts: 1,894member
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.

    Tim is at Apple because of Steve, and Tim has carried Steve's torch of strong principles tall and proud. I fear the next CEO will not do that, and it will be a sad moment of change in Apple's lifetime. But change is inevitable.
    boboliciousJP234
  • Reply 11 of 33
    tyler82tyler82 Posts: 999member
    If the revenue is “record breaking,” then Apple doesn’t need to raise the price of iPhones because of “inflation.” Your profits are the inflation!
    ronn
  • Reply 12 of 33
    jony0jony0 Posts: 366member
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.

    Tim is at Apple because of Steve, and Tim has carried Steve's torch of strong principles tall and proud. I fear the next CEO will not do that, and it will be a sad moment of change in Apple's lifetime. But change is inevitable.
    I'm not so sure. It has been suggested that Jeff Williams is being groomed as the next CEO or at the very least a serious candidate for succession. He is similar to Tim in many ways and has followed a similar path both before and within Apple, even similar functions albeit offset by a decade or so. I'm very confident that that particular succession would go quite smoothly and Apple's DNA will still be in good hands.
    byronl
  • Reply 13 of 33
    jony0 said:
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.

    Tim is at Apple because of Steve, and Tim has carried Steve's torch of strong principles tall and proud. I fear the next CEO will not do that, and it will be a sad moment of change in Apple's lifetime. But change is inevitable.
    I'm not so sure. It has been suggested that Jeff Williams is being groomed as the next CEO or at the very least a serious candidate for succession. He is similar to Tim in many ways and has followed a similar path both before and within Apple, even similar functions albeit offset by a decade or so. I'm very confident that that particular succession would go quite smoothly and Apple's DNA will still be in good hands.
    I agree that Jeff Williams seems to be the next on the line. And, due to the fact that technology will continue to be a growth history for at least the next ten years, I believe that Cook’s successor will also have a high reputation. Once the wind change for technology (if ever on our lifetimes) the Apple’s Ceo reputation can dramatically change. 
    byronl
  • Reply 14 of 33
    fastasleepfastasleep Posts: 6,119member
    tyler82 said:
    If the revenue is “record breaking,” then Apple doesn’t need to raise the price of iPhones because of “inflation.” Your profits are the inflation!
    That's not how anything works.
    jony0dewmekurai_kagemike1fahlman
  • Reply 15 of 33
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.

    Tim is at Apple because of Steve, and Tim has carried Steve's torch of strong principles tall and proud. I fear the next CEO will not do that, and it will be a sad moment of change in Apple's lifetime. But change is inevitable.
    Has he, or lip service...?   A 2011 mini had the option of i7, a discrete GPU & user upgradable RAM & dual drive bays... Proof of concept ?
    edited July 28
  • Reply 16 of 33
    fastasleepfastasleep Posts: 6,119member
    The Mac numbers are impressive despite the drop, considering Quanta was completely shut down for weeks and took a while to ramp back up after restarting Mac production. Incredible numbers all around.
    dewmebyronl
  • Reply 17 of 33
    JP234JP234 Posts: 115member
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.

    Tim is at Apple because of Steve, and Tim has carried Steve's torch of strong principles tall and proud. I fear the next CEO will not do that, and it will be a sad moment of change in Apple's lifetime. But change is inevitable.
    Has he...?
    GOOD question! Steve Jobs was proud (if that means arrogant), but not principled at all. His childhood abandonment issues taught him nothing, and he denied Lisa was his daughter until paternity proved it. That is NOT principled. That is not even decent. He routinely fired people at random for no reason. He treated subordinates and bosses that same way: with open contempt, even the ones responsible for executing his visions.

    Jobs was a great man, not a good man. Tim Cook is a good man, not a great man. And his stewardship has been stellar.
    byronlkurai_kage
  • Reply 18 of 33
    fastasleepfastasleep Posts: 6,119member
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.

    Tim is at Apple because of Steve, and Tim has carried Steve's torch of strong principles tall and proud. I fear the next CEO will not do that, and it will be a sad moment of change in Apple's lifetime. But change is inevitable.
    Has he, or lip service...?   A 2011 mini had the option of i7, a discrete GPU & user upgradable RAM & dual drive bays... Proof of concept ?
    Imagine pining for the days of i7/discrete GPUs that are now 11 years old.
    ronnkurai_kage
  • Reply 19 of 33
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.

    Tim is at Apple because of Steve, and Tim has carried Steve's torch of strong principles tall and proud. I fear the next CEO will not do that, and it will be a sad moment of change in Apple's lifetime. But change is inevitable.
    Has he, or lip service...?   A 2011 mini had the option of i7, a discrete GPU & user upgradable RAM & dual drive bays... Proof of concept ?
    Imagine pining for the days of i7/discrete GPUs that are now 11 years old.
    Maybe, however where is the need to onboard restriction?  Moving forward a bit with locked in storage an eGPU on a newer intel Mini has upgrade potential (already faster GPUs?) vs an ARM Ultra at $4K+...  Is the Studio Ultra already a GPU door stop...?

    Are upgrades increasingly restricted by design ? Time (or Tim : ) may tell, of course... Are drive bays and ram slots hard to thwart as well, other than Apple self interest...?
    edited July 28
  • Reply 20 of 33
    fastasleepfastasleep Posts: 6,119member
    JP234 said:
    I worked at Apple for 12 years. While Tim Cook may lack the vision of Steve Jobs, his brilliance as a businessman makes him a worthy successor, and one of the best CEO's in the world. The numbers don't lie, and those numbers have enriched the portfolios of millions, myself included.

    Tim is at Apple because of Steve, and Tim has carried Steve's torch of strong principles tall and proud. I fear the next CEO will not do that, and it will be a sad moment of change in Apple's lifetime. But change is inevitable.
    Has he, or lip service...?   A 2011 mini had the option of i7, a discrete GPU & user upgradable RAM & dual drive bays... Proof of concept ?
    Imagine pining for the days of i7/discrete GPUs that are now 11 years old.
    Maybe, however moving forward a bit with mixed specs an eGPU on a newer intel Mini has upgrade potential (already faster GPUs?) vs an ARM Ultra at $4K+ that is locked in to 'onboard'... Are upgrades increasingly restricted by design ? Time (or Tim : ) may tell, of course... Are drive bays and ram slots hard to thwart as well, other than Apple self interest...?
    Pretty sure the M1 Mini already outclasses most if not all eGPU options available. The CPU for sure versus an Intel mini. But, you're moving goalposts. You were talking about the Mac mini Server from 2011 while Jobs was alive, not eGPU options on a 2018 Mac mini.
    ronnbestkeptsecret
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