Apple Q2 2022: March Revenue Record of $97.3 Billion, Led by iPhone Upgrades

Apple just announced its fiscal Q2 2022 financial results for the period that ended March 26, 2022, and it’s a new record for the quarter.

The iPhone maker posted $97.3 billion in revenue for the quarter, up 9% year-over-year, with earnings per diluted share of $1.52. Net income reached $25 billion for the quarter.

“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, in a statement. “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.”

Apple saw the following net sales by category:

• iPhone: $50.5 billion
• Mac: $10.4 billion
• iPad: $7.6 billion
• Wearables, Home and Accessories: $8.8 billion
• Services: $19.8 billion

Apple services revenue hit a new all-time high of $19.8 billion, while gross margin was at 43.7%. The company beat Wall Street estimates for Q2.

“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.”

Apple said it had $28 billion in cash and cash equivalents at the end of its first quarter.

Apple said its board of directors has issued a cash dividend of $0.23 per share of the company’s common stock, payable on May 12, 2022, to shareholders as of the end of business day on May 9, 2022.

“We had a record level of upgraders during the quarter and we grew switchers, strong double digits,” said Apple CEO Tim Cook to CNBC. “It’s clearly a strong cycle,” added Cook.

As for iPad sales dipping 2.1% compared to the year-ago quarter, Cook said there were “very significant supply constraints” for its iPad business.

…developing, refresh for updates