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Apple Q3 earnings: Record $82.96 billion in revenue despite headwinds

Updated Oct 26th, 2022 2:29PM EDT
apple ceo Tim cook earning reports New Macs
Image: Justin Sullivan/Getty Images

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Apple has just unveiled its fiscal Q3 earnings report, one of the most highly-anticipated of this week’s slew of earnings releases — and, as expected, the results are in line with many analyst predictions around supply chain constraints, China issues, and inflation-related headwinds that are dragging down the revenue picture for much of Big Tech at the moment.

For the quarter ended in June, Apple posted $82.96 billion in revenue. As a point of contrast, Apple during the same year-ago period posted revenue of $81.43 billion and earnings of $1.30 per share.

Apple earnings July 2022

Ahead of the iPhone maker’s latest earnings report, analysts were anticipating revenue in the $82.8 billion range. That translated to just a blip of an increase (1.7%) over the same period last year. In terms of the actual results, though? Apple turned in a record fiscal Q3, with earnings per share of $1.20 topping the consensus analyst estimate of $1.16.

Driving the revenue picture for Apple, in spite of more Covid-related shutdowns in China and inflation hampering many consumers’ spending habits:

iPhone revenue for the quarter topped $40 billion. That beat analyst estimates of just over $39 billion for the quarter. Other product categories — like Macs, iPads, and wearables/accessories — saw year-over-year revenue declines during the quarter.

iPhone 14 color options.
iPhone 14 color options. Image source: Apple

Record results

“Today, Apple is reporting another record June quarter,” CEO Tim Cook raved to analysts about the company’s performance during an afternoon earnings call. And that was “despite supply constraints and the impact of our business in Russia.”

Continuing, Cook added that the company saw record revenue in the US, in Europe, and in the rest of the Asia-Pacific region. The iPhone is still driving an outsized share of that growth, with Cook adding that the handset “remains the gold standard for smartphones” and “continues to change the world in profound ways with each new innovation.”

In terms of bright spots for Apple, the company of course has the iPhone 14 launch coming later this year. Higher-end product offerings and strong digital sales for services like Apple Music and Apple TV+ are also helping the company weather pullbacks in other areas. In fact, the company’s catch-all Services category saw revenue of $19.6 billion during the quarter, handily beating the analyst estimate of $17.5 billion.

apple store
Customers enter the Apple Store on the Third Street Promenade in Santa Monica, California. Image source: Photo by Daniel Slim/AFP via Getty Images

In other Apple news, iPhone 14 manufacturing should soon start in anticipation of the mid-September launch. But the company might be dealing with various unforeseen production problems. Ming-Chi Kuo detailed the latest one in a new report. A quality check reportedly surfaced issues with the coating of certain iPhone 14 cameras. However, it seems that Apple quickly fixed the potential supply issue by transferring orders to a different manufacturer.

Andy Meek Trending News Editor

Andy Meek is a reporter based in Memphis who has covered media, entertainment, and culture for over 20 years. His work has appeared in outlets including The Guardian, Forbes, and The Financial Times, and he’s written for BGR since 2015. Andy's coverage includes technology and entertainment, and he has a particular interest in all things streaming.

Over the years, he’s interviewed legendary figures in entertainment and tech that range from Stan Lee to John McAfee, Peter Thiel, and Reed Hastings.

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