Apple beats estimates with record Q2 earnings: $97.3 billion revenue

Apple beats estimates with record Q2 earnings: $97.3 billion revenue

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Apple today officially reported its earnings for the second fiscal quarter of 2022, covering the calendar first quarter of the year and the months of January, February, and March.

For the quarter, Apple reported revenue of $97.3 billion, an increase of 9% year over year. The company reported a profit of $25 billion and earnings per share of $1.52.

Head below for full coverage of AAPL’s fiscal Q2 2022 earnings release.

AAPL Q2 2022 earnings details

Coming off an incredibly strong, record-breaking holiday quarter in Q1 2022, analysts again 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 predicted growth for the iPhone, Mac, Wearables, and Services businesses, while they predicted a slight drop in iPad revenue.

Apple itself once more refrained from offering any guidance for the quarter, again citing concerns over supply-side disruptions. 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 declared a cash dividend of $0.23 per share of its common stock, an increase of 5%. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program.

AAPL stock reaction

In light of Apple’s earnings beat, AAPL stock is up over 2% to $167 per share. 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 Apple’s Q2 2022 earnings results: 

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. Stay tuned to 9to5Mac for more coverage from the AAPL earnings call with Tim Cook and Luca Maestri next. You can listen live to the AAPL Q2 2022 earnings call audio streaming at the top of the hour here or listen back shortly after the call with Apple Podcasts.

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