Apple Inc. (APPL) posted revenue of $90 billion, beating estimates by $1.5 billion and an EPS of $1.29.
Apple Inc. (APPL) posted earnings for the quarter ended 30 September 2022, with revenue of $90 billion, easily clearing analyst estimates by $1.5 billion, while topping revenue from the previous quarter by 9% and last year’s revenue by 8%. Segment wise, iPhone sales were the biggest contributor to revenue ($42.63 billion), followed by Mac sales ($11.51), iPad ($7.17 billion), Wearables, home and accessories ($9.65 billion) and service ($19.9 billion). The company’s net income was $20.7 billion, beating estimates by $298 million and 7% higher than last quarter’s net income of $19.44 billion. CFO Luca Maestri spoke on the company’s performance, “Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop”. Although the company did not provide detailed guidance, Chief Executive Tim Cook commented on the Apple’s commitment to serve customers in the upcoming season, stating it would be “our most powerful lineup ever.”
EPS was $1.29, just above analysts’ estimates of $1.26, but improving year-on-year by 4% and improving by 8% compared to the previous quarter. APPL’s share price tumbled in after-hours trading, to close -3.05% lower at $144.8. Analysts hold a positive outlook on the company, with 75% of the 49 analysts following the stock recommending buy, 20% recommending a hold and the remaining recommending selling. The consensus on the share price for the next twelve months is $181.8.
