Apple Q3 2022 brings Record Q3 Revenue but Slowing Growth

Apple reported fiscal third-quarter earnings Thursday that beat Wall Street expectations for sales and profit but showed slowing growth..

The Company posted a June quarter revenue record of $83.0 billion, up 2 percent year over year, and quarterly earnings per diluted share of $1.20.

The company earned $1.20 a share on sales of $83 billion in the quarter ended June 25. Analysts expected Apple to earn $1.16 a share on sales of $82.8 billion.

On a year-over-year basis, Apple earnings fell 8% while sales inched 2% higher.

“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 Tim Cook, Apple’s CEO.
“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.”

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:

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 is once again not issuing guidance for the current quarter ending in September.

“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 Luca Maestri, Apple’s CFO.
“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.”

Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock.

The dividend is payable on August 11, 2022 to shareholders of record as of the close of business on August 8, 2022.