…results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world
Apple posted another record-breaking quarter, reporting $97.28 billion in revenue for the quarter ending March 2022, an increase year-over-year from the $89 billion reported in Q2 2021.
The quarter’s gross margin reached 43.7%, up from the year-ago quarter’s 42.5% figure. Operating expenses shifted from $10.6 billion in Q2 2021 to $12.6 billion in Q2 2022.
«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.»
- Q2 was Apple’s third-highest revenue of all time
- «We will never stop striving to be a force of good in the world» – Cook
- The last seven quarters have been the best ever for Mac
- «Nearly half» of Mac buyers in the quarter were new to Mac, same for iPad
- Wearables business alone about the same size as a Fortune 100 company
- More than 825 million paid subscriptions across Services, up 165 million in the last 12 months
- $193 billion in cash and marketable securities, total debt $120 billion
- Annual increases in dividend going forward
- Constraints to be in the range of $4 billion to $8 billion, more than experienced during March
- Forex expected to be a headwind, additionally Russian sales have ceased
- Question time!
Amit Daryanani – Evercore : Would like more detail geographically
Maestri: Happy in US, good quarter in Europe including Russia sales loss for a month of the quarter
In-line with expectations in Europe, China March quarter record.
Year-over-year launch timing of iPhone had an impact (later in 2020 than in 2021)
Japan impacted by foreign exchange with dollar appreciation against most currencies
Note from 9 to 5 mac
So all-in, that’s five factors likely to reduce Q3 revenue:
- Component shortages
- COVID-19 disruption in China
- Exchange rate weaknesses
- Loss of Russian sales
- Inflation reducing consumer spending power