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Apple earnings are out, here are the numbers

Apple earnings are out, here are the numbers

Apr 28, 2022 | About 3 minutes

Apple posted perhaps the strongest earnings report from any of the major tech companies that have reported thus far. Second quarter earnings beat estimates, coming in at $1.52 versus an expected EPS of $1.42. Sales grew almost 9% year over year to top $97 billion versus the $94bn expected by analysts.

Thanks to the large beat, 2Q22 became Apple’s largest non-holiday quarter in the company’s history. Despite surging COVID cases in China, lockdowns across the country, and supply chain issues, the company produced stellar returns. iPhone sales topped $50 billion, while services revenue almost hit $20bn for the quarter.

Meanwhile, the company increased its new share buyback program to $90 billion and increased its quarterly dividend by 5% to 23¢/share from 22¢. Despite the strong 2Q report, the company did not provide guidance for third quarter numbers. However, the situation in China did have a material impact on revenue growth. Moreover, a strengthening U.S. dollar is having a negative impact on companies such as Apple that derive a significant portion of their business from international markets.

The CFO of the company did indicate that supply constraints would have a $4-$8bn impact on sales in Q3. Margins at Apple remain healthy, and the company ended the quarter with a net-cash balance of $73 billion. Apple’s new products also continued to provide strong revenue growth, with wearables, streaming and advertising all setting March quarter records. Shares were trading down 3% in the aftermarket.