Q2 2022 results: a quarter without a shadow of a doubt for Apple

After the Christmas follies, budgets are often flushed during the first three months of the year, which is usually reflected in companies’ quarterly results. For a monster like Apple, this notion of a weak quarter no longer exists, as we can still see today.

Apple’s second fiscal quarter, which spans January, February and March, saw the launch of the Mac Studio, Studio Display, iPhone SE 3rd generation and iPad Air 5 (and the green iPhone 13 , okay). Launches that were orchestrated at the end of a generally very difficult quarter for our poor world: there was the Omicron variant at the start of the year, then the war in Ukraine 😑. Worst timeline ever.

Difficulties that amplify a generalized price increase whose effects have been felt since last year, not to mention the degradation of supply chain capacities that are also affecting Apple. In this context, the manufacturer has once again managed to hold its own, after a “blockbuster” fourth quarter of 2021 with 123 billion dollars in turnover (!).

Luca Maestri, Apple’s chief financial officer (probably the happiest professional on the planet), had announced during the presentation of these previous results that he expected a record Q2, without advancing to give numbers. Here they are.

In short

In billions of dollars.

Q2 2022 Q2 2021 Evolution
Turnover 97.28 89,584 +8.61%
profit 25.01 23.63 +5.84%
iPhone 50.57 47,938 +5.49%
iPad 7,646 7.8 -2.06%
mac 10,435 9.1 +14.65%
Services 19,821 16.9 +17.28%
Others products 8,806 7,836 +12.38%


If Apple’s turnover managed to cross the threshold of 100 billion dollars, it was during the Christmas quarters (in this case Q1 2021 and 2022). For quarters outside the holiday season, the manufacturer is not there yet, but it is getting dangerously close: in Q2 2022, the company sold $97.3 billion worth of products and services! This is 8.6% better than a year ago. As for the profit, it was just over $25 billion, or 5.8% more. Pockets full of dollars…

It’s quite simply, and obviously, the best second quarter in Apple’s history in terms of sales. ” Record-breaking quarter results demonstrate Apple’s relentless focus on innovation and our ability to create the best products and services in the world says Tim Cook.

Luca Maestri is delighted with the sales records in the categories of Services, iPhone, Mac, wearables, home automation and accessories, yes all that. There is hardly that the iPad which makes a little the head. The CFO adds that Apple’s cash flow has grown by $28 billion, and the company has returned $27 billion to its shareholders.

Shareholders who will benefit from the additional 90 billion dollars that Apple will devote to the purchase of its own shares. The dividend to be paid in May will also increase by 5%.

iPhone sales

The iPhone remains, by far, Apple’s cash cow. Even though the excitement of the launch has now died down, the iPhone 13 lineup continues to win over millions of customers. Proof of this is the result recorded by Apple during this quarter for this activity: 50.57 billion dollars, or 5.5% better than in the first quarter of 2021.

iPad sales

After being the undeniable star product during the pandemic (a funny title when you think about it), the iPad began its more or less controlled descent in the previous quarter, with sales down 14%. This downward phase continued during the first three months of the year, with a turnover of 7.6 billion dollars, down 2% compared to a year ago.

Mac sales

Thanks to the Apple Silicon transition (and also the health crisis), the Mac has undergone an unparalleled makeover over the past two years. And the Apple continues to accelerate with the launch in March of the Mac Studio, an unprecedented range in the history of the computer (even if we know that it is mainly laptops that represent the lion’s share of sales). This dedication on the part of Apple is paying off: the Mac business generated sales of $10.4 billion in the first quarter! This represents a sales growth of 14.6%.

Services and other products

Apple Music, iCloud, Apple Pay, AppleCare, Apple TV+, Apple One… By resolutely committing Apple to the path of services, Tim Cook had a hollow nose, since this category continues to grow. During the first quarter, Apple drew $19.8 billion, which is 17.3% more than a year ago. Casually, the services settle comfortably in the second place of the most important activities of Apple.

Apple has 825 million subscribers, 165 million more than a year ago. This figure, up 25%, still includes subscribers to Apple services, but also to applications. Luca Maestri’s language almost went off the rails: in response to a question from an analyst, he indicated that Apple planned to add ” new services and features that our customers should love “.

As for the somewhat catch-all category of “other products”, it is still in good shape. The Apple Watch, the HomePod, the Apple TV, the AirPods, Beats earphones and headphones continue to sell well despite discreet news (we should still note the launch of the Beats Fit Pro in February). These products weighed in at $8.8 billion during the quarter, or 12.3% more than a year ago.

Two-thirds of those who bought Apple Watches during the quarter were new customers. The sales of wearables (Apple Watch, AirPods, Beats products) have doubled in three years: if this segment were a company, it would be very close to weighing enough to enter the Fortune 100 ranking, according to Luca Maestri.

For Q3 2022

Once again, Luca Maestri did not give a forecast for the second quarter. On the other hand, the financial director was kind enough to give some indications, warning that the evolution of the pandemic could weigh more if it worsened.

The performance expected in Q3 2022 will suffer from the difficulties linked to the problems on the supply chain as well as to the covid. Apple expects a shortfall of between $4 billion and $8 billion, much more than in Q2. Furthermore, the situation in China, with factories forced to suspend their production lines and regions in lockdown (such as Shanghai), and the halt in sales in Russia announce more mixed results for the spring.


Leave a Comment