Apple delivers strong quarter, thanks to iPhone 13, Mac and accessories demand

Apple has announced the financial results for its fiscal 2022 second quarter ended March 26, 2022. The Company posted a March quarter revenue record of $97.3 billion, up nine percent year over year, and quarterly earnings per diluted share of $1.52.

In a release, Apple CEO Tim Cook said the company had set all-time revenue records for Services and March quarter revenue records for iPhone, Mac, and wearables, home, and accessories.

“This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world,” said Tim Cook, Apple’s CEO. “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’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock, an increase of 5 percent. The dividend is payable on May 12, 2022 to shareholders of record as of the close of business on May 9, 2022. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program.

“As Apple continues to diversify its iPhone production capabilities in India, along with aggressive retail initiatives, we anticipate the brand to continue its strong market growth. It is great to see Apple weigh-in on the prevailing supply side constraints. Apple has been able to navigate the supply side constraints thus far. This reflects in its strong results. However, it will be interesting to see how it navigates the supply constraints in the upcoming quarters,” Prabhu Ram, Head- Industry Intelligence Group at CMR told BGR.in.

Meanwhile, Apple’s contract manufacturers – Pegatron, Wistron and Foxconn – are expected to manufacture iPhones worth Rs 47,000 crore in India in fiscal year 2022 – 2023. Of this figure, Wistron is expected to manufacture iPhones worth Rs 27,000 crore, while Pegatron and Foxconn are expected to manufacture iPhones worth Rs 12,000 crore and Rs 8,000 crore respectively.

“Apple once again delivered better than expected earnings in an otherwise slow seasonal quarter. One of they reason was that it navigated component shortages better than most of its competitors. Its product mix has been the strongest ever with demand for both iPhone 12 and 13 remain strong across regions. In emerging markets like India iPhone 12 has been doing great. It also expanded in offline channels during the quarter in India that helped the brand to grow. Scaling up local manufacturing in India is helping as well,” Tarun Pathak, Research Director at Counterpoint noted.

 

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