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Apple Inc posts 2% revenue growth in June quarter
Sales in service segment grew 12% despite global inflation and recession fears

American tech company Apple Inc. on Friday released its earnings report for the quarter ended in June 2022. The tech giant based in California posted record revenue and sales during the quarter despite a highly volatile global economy and unfavourable macroeconomic conditions.

Revenue of the phone maker increased by 2% when compared to revenue in the June quarter of the previous financial year. The revenue of Apple Inc in the current quarter is standing at 83 billion dollars. Sales in the services segment of the tech giant also grew by 12% in the quarter.

Chief Executive Officer of Apple Inc, Tim Cook said in a statement that the strong revenue numbers posted in the quarter were a result of constant effort by the company to innovate and advance new possibilities. He also said in the statement that the company gives utmost importance to the customers by standing with the quality principles and values of Apple.

The company built and launch new features which are designed to protect the privacy and security of each Apple user and would also enhance accessibility features to stand with the company’s long-standing policy of creating products for everyone.

Along with the growth in the sales in service segments, revenue from sales of iPhone increased from 39.5 billion dollars to 40.7 billion from April – June 2022. This is a 3% growth in sales revenue of iPhone compared to the same period in the last financial year.

Even though there was a growth in revenue from iPhone, Mac took a big hit and posted a fall in growth from 8.2 billion dollars to 7.4 billion dollars. Continuing economic headwinds and increasing supply chain issues supposedly contributed to the decreased revenue from the Mac division.

Similarly, wearables and home accessories produced by Apple like Apple Watches, AirPods, and HomePods saw a decrease in their revenue by 8%. The revenue from these products dropped from 8.8 billion dollars to 8.1 billion in the three-month period. iPad also witnessed a slight drop from $7.3 billion to $7.2 billion.

In an overall analysis of the services provided by Apple Inc, paid subscriptions across all the services increased from 825 million users in the last quarter to 860 million users.

Chief Financial officer of Apple, Luca Maestri, said that the strong financials posted by the company in the June quarter demonstrates its ability to efficiently and effectively manage the business amidst a challenging operating environment. He also added that by the record numbers posted in the June quarter, the installed base of active devices has reached an all-time high in every geographic segment across various product categories.

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