Nearly every Apple division saw revenue growth in the third quarter of 2022, with the exception of iPad, which fell 13% year-over-year.
According to MobileSyrup , this marks a 9% increase in revenue from the same period last year, and helps bring Apple’s total fiscal 2022 revenue (October 2021 to September 2022) to $394.3 billion, an increase of 8 % compared to fiscal year 2021.
Apple’s business didn’t do as well as expected, generating $42.63 billion in revenue, with 9.67% year-over-year growth and below the 43.21 estimates. Billion USD. This stems from low demand for Apple’s latest iPhones in the iPhone 14 family.
Speaking to CNBC, CEO Tim Cook affirmed that iPhone sales are very strong, especially when attracting many people to switch from Android phones. Even so, he said supply constraints for the iPhone 14 Pro had affected the company’s business.
Notably, nearly all of Apple’s brands saw revenue growth in the quarter, with the exception of the iPad, which saw a 13.06% decline year-over-year to just $7.17 billion. This revenue does not include the new iPad models Apple launched earlier this week.
Mac revenue also saw significant growth when it generated $11.51 billion, up 25.39% year-on-year and higher than the $9.36 billion expected by analysts. Meanwhile, Apple’s “other products” group revenue, including the Apple Watch, reached $9.65 billion, up 9.85% year-on-year and above expectations of $9.17 billion.
Ultimately, the Services division, which includes the App Store, iCloud, and Apple Music, brought in $19.19 billion. Although this number increased by 4.98% compared to the third quarter of 2021, it was lower than the expectation of 20.1 billion USD. This could improve in the future as Apple is starting to raise the prices of its services, like Apple Music, Apple TV+, and Apple One.