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Apple’s 3Q profit slips, but results top analyst projections

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Apple’s profit slipped during the past quarter, but the world’s largest technology company fared better than many of its peers.

Despite manufacturing headaches and inflation pressures that have vexed a wide range of businesses, Apple profit declined by 10% while revenue edged up 2%. Both figures were better than analysts projected.

The results for the April-June period weren’t a huge surprise. That’s because Apple had already warned that its revenue would be depressed by as much as $8 billion because of supply chain problems that have been compounded by pandemic-related shutdowns in China factories that make iPhones and other Apple products.

That scenario played out as expected Apple’s fiscal third quarter, Earnings fell to $19.4 billion, or $1.20 per share, while revenue edged up to nearly $83 billion.

The upside surprise helped boost Apple’s stock price by 3% in extended trading after the numbers came out.

As usual, Apple’s results were propelled by the iPhone, which posted a 3% gain in sales from the same time last year. Analysts had been bracing investors for a slight decline because of the supply chain issues and the forthcoming release of a new model this fall. It marked the seventh consecutive quarter that iPhone sales have increased.

Apple’s strong quarter suffers $6B blow from supply shortage

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Apple’s 3Q profit slips, but results top analyst projections (2022, July 28)
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