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Apple (AAPL) released third-quarter results on Thursday, beating analysts’ expectations and posting a record $83 billion in revenue despite fears of rising inflation.
Here are the most important numbers from the report, compiled by Bloomberg, and how they compare to Wall Street expectations.
- Revenue: $83 billion vs. $82.7 billion forecast
- Earnings Per Share: $1.20 vs $1.16 Expected
- iPhone Revenue: $40.7 Billion vs. $38.9 Billion Expected
- iPad Revenue: $7.22 Billion vs. $6.9 Billion Expected
- Mac Revenue: $7.4 Billion vs. $8.4 Billion Projection
- Wearables Revenue: $8.1 Billion vs. $8.8 Billion Projection
- Services revenue: $19.6 billion vs. $19.7 billion forecast
After the news, Apple’s stock price jumped more than 3%.
“Our June quarter results continue to demonstrate our ability to effectively manage our business despite the challenging business environment. reached all-time highs across all geographic segments and product categories,” Apple CFO Luca Maestri said in a statement.
Despite record earnings, Apple reported that net profit fell 10.5% year-over-year.
Apple is grappling with a number of issues, including rising inflation hitting consumers and COVID lockdowns in China hitting domestic sales and production.
The company’s market capitalization has also taken a hit amid a major decline in technology, dropping below the $3 trillion market to $2.5 trillion.
But according to Morgan Stanley, this is all short-term trouble for iPhone makers. In a memo, Erik W. Woodring suggests that Apple’s services business could help push the tech giant’s market cap back into his $3 trillion market.
Services revenue was especially strong in the third quarter, jumping from $17.5 billion last year to $19.6 billion.
Also Read – How Apple is Transforming Healthcare Diagnostic Sector : Report
Apple is widely expected to launch the iPhone 14 series alongside the Apple Watch Series 8 later this fall. Also, the product will be announced a few weeks before the end of the quarter, so it should not have a significant impact on the company’s fourth quarter earnings, but should boost its first quarter 2023 results.
Apple is also said to be prepping its entry into the AR/VR space with its own headset, likely to launch in 2023.
Hello I am Vikrant Singh, Founder and Managing Director of TypeTheta.com. I am a Lawyer by profession & my goal is to share free knowledge with everyone without any subscription fees and minimum ads. I hope you are enjoying content on TypeTheta.com. Have a Great Day.
