Big Picture: Apple in its most recent quarter reported $83 billion in revenue for its fiscal third quarter ending June 25, up 1.87 percent from last year. Profit, however, fell 10.59 percent from $21.74 billion to $19.44 billion, due in part to continued supply restrictions and Covid-related shutdowns in China, as well as negative exchange rates.

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Earnings per share fell to $1.20 from $1.31 in the same period last year, but still tops FactSet estimates of $1.16 per share. Apple advice also announced a cash dividend of $0.23 per share, payable on August 11.

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iPhone sales increased 2.77% year-over-year to $40.67 billion. Its service division saw an even more impressive growth of 12.11%, from $17.49 billion in the third quarter of 2021 to $19.6 billion in the most recent three-month period.

Income from sale sales of Macs, iPads, and devices in the wearables, homewares, and accessories categories declined year-over-year this quarter. Macs were hardest hit, with revenue falling more than 10 percent to $7.38 billion in the third quarter. Wearables revenue fell 7.87% to $8.08 billion, while iPad revenue fell 1.95% to $7.24 billion.

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The second half of the year is usually the most successful for Apple, and this time is not expected to change. the next generation of iPhones It is expected to debut in mid-September and launch in about a week. They will most likely not impact fiscal fourth quarter earnings due to timing and will instead be reflected in the next income statement.

During a conference call with investors, Apple CFO Luca Maestri said that, given the ongoing uncertainty around the world in the near term, they do not provide a revenue forecast for the coming quarter. However, Apple believes year-on-year revenue growth will accelerate in the September quarter compared to the June quarter. On the product side, Maestri said Apple expects supply chain restrictions to be lower than in the third fiscal quarter.

Image credit: Karolina Grabowska