Apple Once Again Breaks Earnings Records for 2Q22

Apple earnings report 2q22

Apple reported earnings Thursday for the March quarter, the second fiscal quarter of 2022 for the company. Apple reported earnings per share of $1.52 on $97.3 billion in revenues. Apple CEO Tim Cook called it “a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world.” The numbers reflect a decent-sized beat on Wall Street’s estimates for earnings. The consensus there was that Apple would post EPS of $1.43. Wall Street expected the Cupertino-based company to report revenues of $94.4 billion. In the year ago quarter, Apple reported EPS of US$1.40 on revenue of $89.6 billion.

Additionally, Apple announced it will raise its dividends by 5%, from $0.22 per share to $0.23 per share. The Cupertino-based company is injecting $90 billion more into its stock buyback program.

Shares of $AAPL ended the regular trading session Thursday higher at $163.64, a gain of $7.07 (4.52%), on strong volume of 114.3 million shares trading hands. That gives $AAPL a current market cap of $2.671 trillion, up modestly from the previous quarter.

The after-hours market is so far up, with shares of $AAPL trading at $165.42, up $1.78 (+1.09%). News from the company’s conference call with analysts could also affect after hours trading one way or the other.

In a statement, Apple CEO Tim Cook said, “We are delighted to see the strong customer response to our new products, as well as the progress we’re making to become carbon neutral across our supply chain and our products by 2030. We are committed, as ever, to being a force for good in the world — both in what we create and what we leave behind.”

Apple CFO Luca Maestri added, “We are very pleased with our record business results for the March quarter, as we set an all-time revenue record for Services and March quarter revenue records for iPhone, Mac, and Wearables, Home and Accessories. Continued strong customer demand for our products helped us achieve an all-time high for our installed base of active devices.”

Once again, Apple declined to offer specific guidance on its projected revenue for the June quarter. However, the company did acknowledge that continued supply constraints could result in less revenue in products. Services, Cupertino expects, will continue to increase, but not at previous rates.

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