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Apple reports only slight growth in Q3 2022 earnings report

Q3 2022

Services and iPhone grew a little, however the Mac among others lost ground.

Apple HQ in Cupertino, California.

Enlarge / Apple HQ in Cupertino, California.

Apple reported its earnings for the third fiscal quarter of 2022 on Thursday, and like a lot of its peers in gadgets, the business barely eked out growth on the same quarter this past year. Overall revenue was up just 2 percent year over year at $83 billion.

The business’s services business, which include from Apple Music to iCloud and AppleCare+, was the growth leader with 12 percent increased revenue when compared to same quarter this past year. That’s for a complete of $19.6 billion.

However the company still earns the majority of its money from other categories, none which grew as quickly. The iPhone earned $40.67 billion through the quarterjust 3 percent a lot more than this past year. And all three of the business’s other categories were down against this past year. The Mac fell 10 percent to $7.38 billion, the iPad was down 2 percent at $7.22 billion, along with other productsincluding the Apple Watch, AirPods, and otherswere down 8 percent to $8.08 billion.

Needless to say, none of the came as a surprise to many investors, given inflation, global supply challenges, and worries in regards to a coming recession. Actually, Apple slightly beat analysts’ estimates entering the wages report.

Apple CFO Luca Maestri described the existing situation as “a challenging environment,” and CEO Tim Cook noted that the business is seeing inflation impacting its cost structure.

The business didn’t offer specific guidance for another quarter, but Cook said within an interview with CNBC he expects what to pick up a bit in the September quarter, “despite seeing some pockets of softness.”

The business is likely to ship new iPhone and Apple Watch models later this season, and updated M2 Macs and iPads may also be possibilities. There were rumors Apple will introduce its newest product categorya mixed reality headsetby the finish of the year, however, many reports have indicated those plans may put on 2023.

In light of the financial state, Apple has joined a great many other tech and gadgets companies in declaring that it expects to slow hiring and act conservatively in the coming months.

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