Apple announced its earnings for the second quarter of 2022 to investors on Thursday. Once again, the company exceeded analyst expectations, posting massive revenues and gains across most of its product lines. The only category that saw a drop in year-over-year sales was the iPad.
The second quarter of 2022 largely encompassed January, February and March 2022. For that period, Apple reported revenue of $97.3 billion, up 9 percent year over year, with profits of $25 billion.
Apple rolls up each product into one of five categories to report earnings to investors. The service category includes iCloud, the App Store, Apple Card, and Apple Music. The Other Products category includes both the Apple Watch and AirPods, as well as a wealth of others that don’t fit neatly into the other devices. The iPhone, Mac and iPad categories speak for themselves.
Here are the categories and how much they each earned in revenue during the second quarter:
- iPhone: $50.57 billion, up 5.5 percent year over year
- Services: $19.82 billion, up 17.28 percent
- Mac: $10.43 billion, up 14.73 percent
- Other products: $8.82 billion, up 12.37 percent
- iPad: $7.65 billion, down 1.92 percent
In a statement to investors, Apple CEO Tim Cook cited users switching from Android as a critical factor in iPhone’s success in the quarter. He attributed the M1 chip family to the growth of the Mac.
On the iPad, Cook said the product line was dealing with supply constraints that may have limited performance.
In addition, Apple’s board of directors has authorized a $90 billion share repurchase. According to CNBC and S&P Dow Jones Indices, Apple previously spent $88.3 billion on share buybacks in 2021.
Again, Apple declined to advise on the current quarter. Breaking with Wall Street tradition, the company has not done so since the start of the COVID-19 pandemic, claiming there are too many unknowns in the global economy to make accurate predictions.
