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Despite slowing growth, Apple Inc. (NASDAQ: AAPL), beat analysts’ expectations for sales and profit. The stock surged 3% in extended trading.
For Q3 2022, Apple reported revenue of $83.0 billion and a profit of $19.4 billion. Earnings-per-share hit $1.20 for the quarter. Analysts expected a revenue of $79.26B at the low end to $88.41B at the high end.
Apple broke down the revenue earned by individual services and presented it as:
• 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
The company did not provide formal guidance for the quarter, citing ongoing supply chain issues and continued disruptions caused by the COVID-19 pandemic.
Source - Apple
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