Apple’s Q3 2022 Results
Apple (transcript, Hacker News):
The Company posted a June quarter revenue record of $83.0 billion, up 2 percent year over year, and quarterly earnings per diluted share of $1.20.
[…]
“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,” said Luca Maestri, Apple’s CFO. “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.”
Compared to the year-ago quarter, Mac sales were down 10%, iPad sales down 2%, iPhone up 3%, Services up 13%, and Wearables down 8%.
M2 MacBook Airs didn’t go on sale until July, which is Q4, but I don’t think that’s relevant to this dip. […] The dip is because so many businesses and consumers bought new laptops during the pandemic because they needed them for work-from-home and school-from-home. The big tell on that for Apple is the monster quarter the Mac had back in the July–September quarter in 2020. That was the quarter before Apple unveiled the first M1 Macs (including the bestselling MacBook Air), but after Apple told the world that they’d be shifting the entire Mac platform to its own silicon by the end of the year.
Maestri said Apple has over 860 million subscriptions, which is an increase of 160 million over just the last 12 months. Apple does not provide a breakdown of subscriber counts per service, but Maestri said growth was strong in offerings like Apple TV+ and Apple Arcade.
You can tell Apple financial call analyst ‘questions’ are just PR talking points by how nobody has asked about the potential hit to services revenue and platform in general by antitrust regulation around the world, likely Apple’s biggest existential crisis in decades 🤷♂️
Previously:
The increase in Subscriptions is a given from device sales as people are enrolled into free subscriptions for 3 months of Apple Arcade and Apple TV when they buy a new device - I just got those with the iPad Air 5
(Minus those who already have the subs)