Apple beats on earnings, sets new revenue record

The iPhone maker persevered despite chip shortages and supply chain woes

Apple beat Wall Street estimates on earnings and set a new revenue record for the third quarter of its 2022 fiscal year, posting strong results despite ongoing chip shortages and supply chain challenges.

Apple

Apple logo seen at a store entrance in Barcelona, Spain. (Thiago Prudencio/SOPA Images/LightRocket via Getty Images / Getty Images)

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The iPhone maker reported revenue of $82.959 billion for the quarter ending in June, up 2% year over year and a new high that surpassed Refinitiv analysts' forecast of $82.81 in Q3.

The company posted earnings per diluted share of $1.20, besting expectations of $1.16.

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"This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers," CEO Tim Cook said in a statement.

Apple CEO Tim Cook

Apple CEO Tim Cook at the Apple Park campus in Cupertino, California, on June 6, 2022. (Chris Tuite/AFP via Getty Images / Getty Images)

Cook continued, "As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone."

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"Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment," Luca Maestri, Apple’s CFO, said. "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."

Apple

A man holds an Apple smartphone outside an Apple store in Beijing, China. (Reuters/Thomas Peter / Reuters Photos)

Apple raked in $40.665 billion in iPhone sales alone, beating Refinitiv's estimate of $38.33. The company also beat iPad sales of $7.22 billion, where analysts expected $6.94 billion.

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Mac sales fell short of Wall Street's expected $8.7 billion, coming in at $7.38 billion.

The tech titan's $8.84 billion in wearables and accessories sales also fell short of the anticipated $8.86 billion, as did its services division with revenue of $8.084 billion, which analysts expected would hit $19.7 billion in the quarter.