Apple Inc. announced its results for the quarter ending in March 2022 wherein it beat all the estimated figures to provide smashing results.
Its revenue for the quarter exceeded estimated figures of $93.89 billion and reached $97.28 billion, growing 8.6% YoY. Services accounted for 20% of the revenues, jumping 17.3% YoY. Apple's services division includes Apple TV+, Apple Music, iCloud & the Apple Store.
Products accounted for 80% of the revenues as iPhone accounted for the majority of the sales, bringing in $50.6 billion during the quarter. The premium smartphone's sales grew 5.4% YoY while its other products like Mac & iPad also saw some growth during the year.
Adani Wilmar Q4 results are live, read more.
The company's gross margin improved from 42.5% last quarter to 43.7% this quarter. The company's business in both America and Europe saw significant growth but declined 6.7% in the Asia Pacific.
The company's EPS beat the estimated figure of $1.43 to touch $1.52. Apple did not provide a forecast for the current quarter but it did say that the Board approved a $90 billion share buyback.
“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.”
The stock of Apple had seen a sharp upward rally as it grew continuously for 14 days from mid-March 2022 and gained 15.4% in 2 weeks. This upward rally was on account of investors feeling optimistic about the ceasefire negotiations between Russia and Ukraine. However, it started declining from 31st March after which it fell 9%.
After announcing these results the stock was expected to rally upwards once again. Instead, the stock went the other way and fell 2.59% in a single day. This was due to Apple CFO Luca Maestri's warning that the ongoing supply chain disruptions would harm revenues of the company by $4-8 billion in the coming quarter. The share closed at a price of $157.65 per share.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com