Apple announces record third-quarter 2022 revenue despite growing inflation
Apple has announced its financial results for the third quarter of 2022 and, like many quarters before it, has hit a new revenue record despite concerns about growing inflation.
In a press release, the company revealed that it has posted a June quarter revenue record of $83 billion, a two percent increase year over year. Apple CEO Tim Cook said that the results speak to the company’s ability to “innovate, to advance new possibilities, and to enrich the lives of our customers.”
“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. 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.”
Luca Maestri, Apple’s CFO, said that the installed base of active devices has hit an “all-time high in every geographic segment and product category.”
“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. 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.”
The iPhone and services drove Apple’s success this quarter
In terms of product segment, the iPhone and Apple’s services business drove the success of the company last quarter. While revenue for both of those categories was slightly up, the iPad, Mac, and Wearables, Home and Accessories categories were down year over year.
- iPhone: $40.6 billion, up from $39.5 billion year over year
- iPad: $7.2 billion, down from $7.3 billion year over year
- Mac: $7.3 billion, down from $8.2 billion year over year
- Wearables, Home and Accessories: $8.0 billion, down from $8.7 billion year over year
- Services: $19.6 billion, up from $17.4 billion year over year
You can read the company’s full financial report in the press release (opens in new tab) on the Apple Newsroom website.