Apple Q4 2022 earnings: Record revenue of $90.1 billion, misses on iPhone and Services

Amid a tumultuous week for other tech companies like Google, Amazon, and Meta, Apple has now announced its quarterly earnings for fiscal Q4 2022. All of these earnings reports come amid concerns of an economic downturn in the United States, and all eyes are on Apple to see if it weathered the storm better than competitors.

For the quarter, AAPL reported earnings per diluted share of $1.29, quarter record revenue of $90.1 billion, and profit of $20.7 billion.

AAPL Q4 2022 earnings report

Apple no longer reports unit sales for any of its products but instead reports a breakdown of revenue by product category. Here is the full breakdown for the fiscal Q4 2022: 

  • iPhone: $42.63 billion (Up 9.8% YOY)
  • Mac: $11.51 billion (Up 25.4% YOY)
  • iPad: $7.17 billion (Down 13.1% YOY)
  • Wearables, home, and accessories: $9.65 billion (Up 9.8% YOY)
  • Services: $19.19 billion (Up 5% YOY)

These numbers are mixed in terms of how they compare to analyst expectations. Analysts had predicted $1.27 earnings per share, which Apple narrowly beat. iPad and services revenue missed expectations: $7.17 billion vs $7.94 billion estimated and $19.19 billion vs $20.10 billion estimated, respectively. iPhone revenue also missed expectations: $42.63 billion vs $43.21 estimated.

Overall “products revenue” was a beat, with analysts predicting $69.04 billion and Apple hitting $70.96 billion.

This is an important quarter for Apple as the company announced and released a number of new products. Fiscal Q4 for Apple began on June 26 and ran through September 24. This covered the release of the iPhone 14, iPhone 14 Pro, and iPhone 14 Pro Max. It also included the latest Apple Watch models as well as the M2 MacBook Air.

With that said, however, most of these new products were only actually available for a few days of the quarter, so while important, the releases aren’t a huge factor in AAPL’s Q4 2022 earnings. The forthcoming holiday quarter, Q1 2023, will be far more important (as always) for Apple.

Here’s what Apple CEO Tim Cook had to say about Apple’s Q4 2022 earnings results: 

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,” said Tim Cook, Apple’s CEO. “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.

And CFO Luca Maestri added: 

Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop,” said Luca Maestri, Apple’s CFO. “We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter. The strength of our ecosystem, unmatched customer loyalty, and record sales spurred our active installed base of devices to a new all-time high. This quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year.

You can read Apple’s full earnings release in this post on Apple Newsroom. Stay tuned to 9to5Mac for more coverage from the AAPL earnings call with Tim Cook and Luca Maestri next. You can listen live to the AAPL Q4 2022 earnings call audio streaming at the top of the hour here or listen back shortly after the call with Apple Podcasts.

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