A year ago, Apple reported a blowout quarter with sales up 54% with revenue at $89.58 billion with iPhone revenue at $47.94 billion.

Today, Apple announced 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 9 percent year over year, and quarterly earnings per diluted share of $1.52.

Tim Cook, Apple's CEO: "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. 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."

Luca Maestri, Apple’s CFO: "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. Our strong operating performance generated over $28 billion in operating cash flow, and allowed us to return nearly $27 billion to our shareholders during the quarter."

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 we reported on yesterday.

Random Notes:

• Profit was $25 billion, or $1.52 per share and easily topped analysts' expectations of $23.2 billion and $1.43 per share.
• Maestri said in an interview that the war in Ukraine affected revenue as Apple withdrew from Russia, but he declined to specify an amount. He said the hit to sales would be greater in the current quarter.
• Maestri said demand, particularly for iPhones, had been higher than the company had anticipated at the start of the quarter.
• Maestri noted that the app store, music, cloud and Apple Care services each set all-time records for sales.
• Apple said iPad sales fell 2% to $7.65 billion due to supply-chain constraints. They were still above analysts' average estimate of $7.14 billion.
• Revenue from Mac computers, also facing supply-chain issues, rose 14.7% to $10.4 billion, compared with estimates of $9.25 billion.
• Sales of wearables, home speakers and accessories rose 12% to $8.8 billion, compared with estimates of $9.05 billion.
• Maestri said Apple’s watch and AirPods sold well, and attributed the miss to seasonal variability in demand for other accessories. For more notes, read the full Reuters report.

Bloomberg noted that "Apple didn’t provide specific guidance for the third quarter, but the Cupertino, California-based company is facing headwinds -- such as the COVID restrictions in China -- that are delaying shipments of key devices. It’s also contending with increasing inflation and a pullout from Russia following that country’s invasion of Ukraine. Analysts are projecting third-quarter revenue of about US$86 billion."

Consolidated Financial Statements

   2 - FY22 Q2 Consolidated Financial Statements by Jack Purcher on Scribd

Related Patently Apple Reports Posted Earlier Today

01: "Due to the Success of M1 MacBook Shipments, Apple was the only PC Vendor in Q1 to have delivered Growth"

02: "Apple Delivered a Market Share gain in iPhones in China in Q1 2022, bucking a general downward trend of 14% Year-over-Year"