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Apple Performs Better than Expected: Reports Record Revenues

September quarter shows record revenues and EPS, while the active installed base of devices reaches an all-time high for all major product categories

apple revenues

Source: depositphotos.com

Apple announced record financial results for its fiscal 2022 fourth quarter which ended September 24, 2022. The company’s revenue reached $90.1 billion, up 8% YoY, and quarterly earnings per diluted share gained 4%, increasing to $1.29. 

Meanwhile, Apple’s annual revenue was $394.3 billion, up 8% YoY, and annual earnings per diluted share were $6.11, up 9% YoY. Apple Chief Financial Officer Luca Maestri said that financial results are better than they anticipated at the beginning of the quarter.

Although currency fluctuations had a negative impact on the company’s business, Apple has remained resilient as smartphone-sales slowdowns and global economic challenges have dragged down peers.

Earlier this week, tech giants like Microsoft, Alphabet Inc.’s Google and Meta all reported disappointing earnings. On the contrary, Apple witnessed strong demand for its recently released iPhone 14 Pro models. 

However, not every business area went smoothly for Apple in Q4. Namely, growth slowed in the services business, including revenue from the App Store and Apple TV+. It was $19.2 billion, up 5% from the prior year but lower than year-over-year increases in previous quarters. The company attributes the change to slowdowns in digital advertising and gaming. 

Hoping to boost the services revenue in the ongoing quarter, Apple raised the price of its Apple Music and Apple TV+ streaming services earlier this week.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.