Apple surpasses Wall Street estimates with $97 billion in revenue in Q2 2022

The tech giant now has 825 million subscribers across all of its services


Apple has revealed that it earned $97.3 billion USD (roughly $124.6 billion CAD) and a net quarterly profit of $25 billion USD (about $32 billion CAD) in Q2 2022, an increase of nine percent year-over-year.

Breaking revenue down by category, the iPhone led the way with $97.28 billion USD (roughly $124 billion CAD) and a five percent increase year-over-year. Services revenue, which includes platforms like Apple TV+, Apple Music, Apple Arcade and more, hit $19.82 billion (roughly $25.3 billion CAD) and an increase of 17.5 percent year-over-year. The company also confirmed that it now has 825 million subscribers across all of its various subscription platforms.

On the other hand, Mac revenue hit $10.44 billion USD (approximately 13.3 billion CAD) and iPad revenue landed at $7.65 billion USD (about $9.7 billion CAD), spurred by the release of its M1-powered Mac Studio and iPad Air. This is an increase of 14 percent year-over-year and a decrease of 2.2 percent year-over-year, respectively. Finally, Apple’s ‘Other Products’ category, which includes products like accessories and the Apple Watch, hit $19.82 billion USD (about 25.3 billion CAD), a 17 percent increase year-over-year. Overall, the tech giant surpassed Wall Street earnings estimates in most categories, with Services and Other Products being the two notable exceptions.

“We are very pleased with our record business results for the March quarter, as we set an all-time revenue record for Services and March quarter revenue records for iPhone, Mac, and Wearables, Home and Accessories. Continued strong customer demand for our products helped us achieve an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO, in a recent press release.

In its earnings report, the company also confirmed that it has authorized an increase of $90 billion USD (about $115.3 billion CAD) for its stock buyback program. The tech giant is not issuing earnings guidance for its next financial quarter ending in June.

Source: Apple