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Apple’s Q3 2022: record revenue, but supply issues cut growth

Apple had a strange quarter from April through June this year. With supply chain disruptions rife, it didn’t risk making its usual projections public – but the sales figures are in and things didn’t wind up too bad for the Cupertino giants after all.

Despite the supply worries, Apple actually hit its highest ever revenue for this time of the year, a whopping $83 billion. $19.4 billion of that was profit, down just over $2 billion from the same period in 2021. That drop can be attributed to high inflation around the world.

Digging deeper into Apple’s sales reveals that some sectors performed better than others in Q3. While iPhone and iPad sales remained fairly steady, Mac sales are down 10% over Q3 last year while wearables dropped around 8%. Last year’s pandemic-fueled transition to more people working from home resulted in a bumper quarter for the Mac, so it’s perhaps not worth putting too much stock in the negative growth this time around.

Elsewhere, Apple’s combined Services business (including Apple Music, Apple TV+, iCloud, etc.) was up 12% year-over-year, with reports showing Apple picked up over 160 million new subscribers in the past twelve months. This is clearly a revenue stream Apple sees as a significant part of its future.