Apple is working on its grand goodwill in the marketplace and has always observed an appreciation for the tempting output. Today Apple announced its earnings results for the third quarter of the fiscal year 2022.
Apple did not provide formal revenue guidance for the ongoing quarter, but Apple’s CEO did help to set expectations, as usual as it started from the period COVID-19 pandemic.
“Despite seeing some pockets of softness” in certain areas, including digital advertising across its platforms. Apple CEO Tim Cook seems told that he expects year-over-year revenue growth to “accelerate in the September quarter” compared to the June quarter to CNBC’s Steve Kovach, also Apple’s expectations for sales and profit showed slowing growth for the iPhone maker. Apple did not provide formal guidance for the quarter.
Cook said Apple is facing a “cocktail of headwinds” affecting its revenue, including a strong U.S. dollar that is expected to cause a foreign exchange headwind of around $5 billion in the September quarter, along with supply constraints and a loss of business in Russia amid its war on Ukraine, while speaking on Apple’s earnings subject. Cook also encounters the same that Apple’s Wearables, Home, and Accessories category is also facing macroeconomic headwinds.
Apple stock rose over 3% in extended trading due to the 3rd quarter fiscal report.
Brief information of some key numbers compared to what Wall Street was expecting, per Refinitiv estimates:
- EPS: $1.20 vs. $1.16 estimated, down 8% year-over-year
- Revenue: $83 billion vs. $82.81 billion estimated, up 2% year-over-year
- iPhone revenue: $40.67 billion vs. $38.33 billion estimated, up 3% year-over-year
- Services revenue: $19.60 billion vs. $19.70 billion estimated, up 12% year-over-year
- Other Products revenue: $8.08 billion vs. $8.86 billion estimated, down 8% year-over-year
- Mac revenue: $7.38 billion vs. $8.70 billion estimated, down 10% year-over-year
- iPad revenue: $7.22 billion vs. $6.94 billion estimated, down 2% year-over-year
- Gross margin: 43.26% vs. 42.61% estimated
In the September 2021 quarter, Apple reported revenue of $83.4 billion. On average, analysts expect Apple to report $90 billion in revenue in the September 2022 quarter, according to data compiled by Yahoo Finance.
Apple’s fourth quarter began June 26 and runs through September 24. The quarter has already included the start of orders for the new MacBook Air with the M2 chip, and it will likely include at least a few days of iPhone 14 pre-orders as well.