Apple’s profit fell last quarter, but iPhone revenue remained flat despite supply constraints

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The Big Picture: In its most recent quarter, Apple reported $83 billion in revenue for the third quarter ended June 25, an increase of 1.87 percent over the same period last year. However, profits fell 10.59 percent – from $21.74 billion to $19.44 billion – due in part to ongoing supply restrictions and Covid-related shutdowns in China as well as negative exchange rates.

Earnings per share fell to $1.20 from $1.31 during the same period last year but still beat FactSet’s estimate of $1.16 per share. Apple board too announce A cash dividend of $0.23 per share to be paid on August 11th.

iPhone sales revenue increased 2.77% year-over-year to $40.67 billion. The Services division saw an impressive growth of 12.11 percent, from $17.49 billion in the third quarter of 2021 to $19.6 billion in the last three months.

revenue from a discount The number of Macs, iPads, and devices in the wearable, home and accessories categories decreased during the quarter compared to the same period last year. Macs were the hardest hit as revenue fell more than 10 percent to $7.38 billion in the third quarter. Wearables category revenue fell 7.87% to $8.08 billion, and iPad revenue fell 1.95% to $7.24 billion.

The second half of the year is usually the strongest for Apple, and that isn’t expected to change this time around. The The next generation of iPhone It is expected to start in mid-September and start in a week or so. It likely won’t have an impact on fiscal fourth-quarter earnings due to timing, and instead will be reflected in your next earnings report.

On a conference call with investors, Apple CFO Luca Maestri He said As uncertainty continues around the world in the near term, they are not providing revenue guidance for the upcoming quarter. However, Apple believes that year-over-year revenue growth will accelerate during the September quarter compared to the June quarter. On the product side, Maestri said that Apple expects supply chain constraints to be lower than in the third quarter of the fiscal year.

image credit: Carolina Graboska

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