Apple released its third quarter 2022 results on Thursday and somehow managed to post record June revenue of $83 billion. iPhone sales remained strong, while Services rose again.
Apple had warned last quarter that continued supply constraints would affect revenue in the quarter and it’s clear that this had an impact, albeit a smaller one than feared. Inventory for MacBooks and iPads has been limited for months and those two categories saw the sharpest declines, with the Mac posting a 10 percent year-over-year decline and the iPad falling 2 percent. The generally solid Wearables, Home and Accessories segment also fell 8 percent.
“Our June quarterly results continued to demonstrate our ability to effectively manage our business despite the challenging work environment. We set a record revenue for the June quarter and our installed base of active devices hit an all-time high across all geographic segments and product categories,” said Luca Maestri, Apple’s CFO.
Meanwhile, iPhone revenue rose slightly to $40.7 billion from $39.6 billion and Services jumped 12 percent year-over-year to nearly $20 billion, but was flat compared to the previous quarter. CEO Tim Cook said the iPhone posted a record number of switchers for the June quarter. Here are the numbers Apple posted for the quarter:
iPhone: $40.7 billion
iPad: $7.2 billion
Mac: $7.4 billion
Wearables: $8.1 billion
Services: $19.7 billion
As has been the case for the past few quarters, Apple is refusing to provide a guidance for the fourth quarter ending September 30. The M2 MacBook Pro and MacBook arrived toward the end of the quarter, so those models are likely to boost sales in the fourth quarter. Apple is also expected to launch the new iPhone 14 and Apple Watch Series 8 before the end of the quarter.
Apple’s stock rose nearly 4 percent in after-hours trading.