Apple Q3 2022: June Quarter Revenue Record of $82.96 Billion, Led by iPhone Sales

Apple today announced its fiscal Q3 2022 financial results for the period that ended June 25, 2022, recording a new all-time high for the quarter.

The iPhone maker reported $82.96 billion USD in revenue for Q3, up 2% year-over-year, with earnings per diluted share of $1.20. Net income for the quarter reached $19.44 billion.

“This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers,” said Tim Cook, Apple’s CEO.

“As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone.”

Apple reported the following net sales by category:

  • iPhone: $40.66 billion
  • Mac: $7.38 billion
  • iPad: $7.22 billion
  • Wearables, Home and Accessories: $8.08 billion
  • Services: $19.6 billion

Apple’s Services revenue fell just shy of its record $19.8 billion from the previous quarter. The company still pulled off 12% year-over-year growth, though.

Apple beat Wall Street estimates of $82.81 billion in revenue for the quarter. According to the company, the active installed base of devices also reached a new all-time high during the quarter across all major product categories.

“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category,” said Luca Maestri, Apple’s CFO.

“During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans.”

As of the end of the third quarter, Apple has roughly $27.5 billion in cash and cash equivalents.

Apple said its board of directors has declared a cash dividend of $0.23 per share of the company’s common stock. The dividend will be payable on August 11, 2022, to shareholders as of the end of business day on August 8, 2022.

Apple is currently gearing up to launch the iPhone 14 lineup, which is expected to debut sometime in the company’s fiscal fourth quarter.

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