bottom line: Apple just had a record March quarter with impressive revenue growth when it comes to its services and Macs. iPads, on the other hand, have not fared as well as they faced significant supply chain issues due to new waves of the pandemic in Asia.
Apple has just announced financial results for the second fiscal quarter of 2022, which covers January, February and March. The Cupertino-based company outperformed analysts’ estimates with significant revenue and profit increases across most of its product lines.
For the quarter, Apple reported $97.3 billion in revenue, up nine percent from last year, and $25 billion in earnings, or $1.52 per share.
Apple does not report sales of its products, instead providing revenue by category. The iPhone continues to be the company’s biggest revenue earner, with second-quarter revenue of $50.6 billion (a 5.5% year-on-year increase). Macs brought in $10.4 billion for Apple (up 14.3% year on year) and wearables brought in $8.8 billion (up 12.2% year on year).
The service category set a revenue record of $19.8 billion, up 17.2% year-on-year. However, iPad revenue was down 2.2% year-over-year to just $7.6 billion. Apple CEO Tim Cook blamed the average performance of his tablet business on significant supply constraints he faced during the quarter.
The Apple services category includes the App Store, iCloud, Apple Music, and Apple TV+. It will be interesting to see if the company can maintain its momentum in this area in the post-COVID era.
Apple declined to provide guidance for the current quarter, citing continued uncertainty due to the pandemic. However, CFO Luca Maestri warned that supply restrictions could cut sales this quarter by up to $8 billion.
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