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Apple report beats Wall Street estimates

29 July 2022
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2 min.
2
Apple report beats Wall Street estimates

Report from Apple

Apple (NASDAQ: AAPL) shares rose after the report as Q3 fiscal 2022 revenue and earnings beat market analysts' forecasts. However, Apple's sales growth is slowing sharply and experts expect lower electronics sales due to inflation.

Apple reported its results for the third quarter of fiscal 2022, which ended on 25 June, after the close of trading on 28 July.

Shares in Apple (NASDAQ: AAPL), down 11.4 per cent YTD to close on July 28, rose on the post-market thanks to a report of iPhone and iPad sales above Wall Street forecasts.

However, investors have reason to be concerned about slowing growth in the services sector, which is up 27% in fiscal 2021 and 16% in 2020, the first year of the pandemic.

For example, the company reported earnings per share of $1.20 versus $1.16, down 8% from last year.

The company's revenue was $83bn versus $82.81bn, up 2% year-on-year.

iPhone revenue was $40.67 billion versus $38.33 billion, up 3% from a year earlier.

Services revenue was $19.60 billion versus a projected $19.70 billion, up 12% from a year ago.

Other products revenue was $8.08 billion versus a forecast of $8.86 billion, down 8% from the same period last year.

Mac revenue was $7.38 billion versus a forecast of $8.70 billion, down 10% from a year ago.

iPad revenue was $7.22 billion versus $6.94 billion, down 2% from a year ago.

Gross margin was 43.26% versus 42.61% estimated.

Apple said it spent more than $28 billion on share repurchases and dividends during the quarter.

Apple CEO Timothy Donald Cook said: "Digital advertising has clearly been impacted by the macroeconomic environment."

However, it's worth noting that Apple didn't say anything about licensing fees. Analysts say these are some of the largest components of the service.

Apple has not provided official forecasts for fiscal Q4. Analysts had expected the company to give a profit forecast of $1.31 per share and around $90bn in sales.

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