Apple Reports $83 Billion in Sales on iPhone Strength

Apple reported financial results for its fiscal 2022 third quarter ended June 25, 2022. The Company posted a June quarter revenue record of $83.0 billion, up 2 percent year over year.

The results were impressive even as the company faced supply issues in China, the war in Ukraine and a strong dollar. Sales of Apple’s iPhone accounted for $40.6 billion in revenue while Mac and iPad sales declined in the quarter due to supply constraints.

Services revenue rose to $19.6 billion, a 12% increase. Paid subscriptions for Apple saw strong growth with over 860 million subscriptions on its entire platform, an increase of 160 million during the past year.

“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,” said Tim Cook, Apple’s CEO. “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.”

Cook said Apple saw double digit growth in Brazil, Indonesia and Vietnam. Revenue nearly doubled in India.

“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. 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,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans.”

Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on August 11, 2022 to shareholders of record as of the close of business on August 8, 2022.