Apple Reports All Time iPhone Revenue Record in India

Apple has reported latest quarterly revenue of $90.1 billion, an increase of 8% from a year ago, setting a new September quarter records in the Americas, Europe, Greater China and rest of Asia Pacific. It posted a net profit of $20.7 billion, about 0.5% YoY increase and quarterly earnings per diluted share of $1.29 for the financial year Q4 2022 that ended September 24, 2022.

During the earnings call, CEO Tim Cook said that Apple has set an all-time revenue record for Mac and September quarter records for iPhone and Wearables, Home and Accessories. He added that silicon-related supply constraints were not significant during the quarter.

Apple set a new September quarter revenue record for iPhone, with India setting a new all-time revenue record.

In fiscal 2022, Apple achieved revenue of $394 billion and net profit of $29 billion, up 8% annually. Apple reports an all-time record $78 billion in Services revenue, up 14% annually.

It set records for iPhone, Mac, Wearables, Home and Accessories and Services while growing double-digits in emerging markets and setting records in the vast majority of markets.

  • Products revenue was $71 billion, up 9% over last year despite FX headwinds and a record for the September quarter.
  • Services set a September quarter revenue record of $19.2 billion, up 5% over a year ago, despite over 600 basis points of negative impact from foreign exchange.
  • September quarter revenue records in the Americas, Europe, Greater China and rest of Asia Pacific and also in many Services categories, including all-time revenue records for cloud services and payment services.
  • iPhone revenue grew 10% year-over-year to a September quarter record of $42.6 billion, despite significant foreign exchange headwinds.
  • September quarter record for iPhone, particularly in several large emerging markets, with India setting a new all-time revenue record and Thailand, Vietnam, Indonesia and Mexico more than doubling year-over-year.
  • iPad revenue was $7.2 billion, down 13% year-over-year due to significant negative foreign exchange and a challenging compare due to the launch of new iPads a year ago.
  • Mac saw an all-time revenue record of $11.5 billion, up 25% year-over-year, thanks to new MacBook Air and MacBook Pro powered by the M2 chip. Apple was able to fulfil pent-up demand that carried forward from the significant supply constraints faced during the June quarter. Supply position improved, so Apple was able to fill the channel.
  • Wearables, Home and Accessories revenue was $9.7 billion, up 10% year-over-year, driven by the launch of Apple Watch and new AirPods Pro. Installed base of devices in the category was a new all-time record.
  • More than 900 million paid subscriptions across the services, which is up more than 155 million during the last 12 months alone.

Speaking on Apple’s FY Q3 2022 earnings results, Apple CEO, Tim Cook, said,

This quarter’s results reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it. As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, to securing user privacy, to strengthening accessibility, and to creating products and services that can unlock humanity’s full creative potential.