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Apple Posts Record Revenue and Profit, Boosted by Higher iPhone Prices

Strategic Insights

— 1 min read

Apple's revenue rose above $100 billion for the first time in a quarter, driven by higher iPhone prices and strong demand for new devices. The tech giant's profit soared 86 percent to $27.5 billion, beating analyst expectations. The higher prices on some of its most popular iPhones by $100 helped Apple rake in more money during a period when analysts estimated that the company sold one million more iPhones than a year earlier.

Key Takeaways:

  • Total revenue rose 8 percent to $102.5 billion from a year earlier, with the first time the company made more than $100 billion during the three months that ended in September.
  • Profit rose 86 percent to $27.5 billion, after the company's net income was hit a year ago by a tax payment.
  • iPhone sales reached $49 billion in the quarter, up 6 percent from last year, driven by the introduction of new models like the iPhone Air and iPhone Pro.
  • Sales of Macs rose 13 percent to $8.7 billion, while sales of iPads and wearables like the Apple Watch were flat.
  • Apple's services revenue rose 15 percent to $28.8 billion, driven by searches on Apple devices and payments from Google.
  • The company's share price rose more than 4 percent in after-hours trading, after it projected total revenue in the current quarter to increase 10-12 percent.
  • Business in China was a mixed bag, with sales falling 3.6 percent to $14.5 billion, but with Apple planning to increase sales in the current quarter.

Statistics:

  • $102.5 billion: Apple's total revenue in the quarter, an 8 percent increase from last year.
  • $27.5 billion: Apple's profit in the quarter, an 86 percent increase from last year.
  • $52 billion: The amount of money Apple made from tariffs in the September quarter, with costs expected to rise to $1.4 billion in the current quarter.
  • $28.8 billion: Apple's services revenue in the quarter, a 15 percent increase from last year.
  • $49 billion: Apple's iPhone sales in the quarter, a 6 percent increase from last year.
  • 13 percent: The increase in Mac sales to $8.7 billion.
  • 25 percent: The increase in Apple's share price this year, compared to Microsoft and Google's 25 percent increase and 11 percent increase for Apple, respectively.

Sources:

  • "Apple Posts Record Revenue and Profit, Boosted by Higher iPhone Prices." The New York Times, 2022, pp. B1-B4.

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