Apple posted a record-breaking second fiscal quarter revenue haul of US$97.3 billion on Thursday, up 9% year over year, as the tech titan warned that supply chain restrictions could cost it US$8 billion.
COVID lockdowns, which may affect more than half of Apple’s component suppliers in China, have so far eluded the Cupertino, Calif.-based tech giant. However, Apple estimates that the supply chain fallout will cost them between $4 billion and $8 billion in future quarters.
Nonetheless, several analysts were pleased with the current earnings announcement, which covered the quarter ending March 26.
In a statement, Apple CEO Tim Cook stated, “This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world.”
The business also revealed iPhone revenue of US$50.57 billion versus US$49.16 billion projected – up 5% year on year, Mac revenue of US$10.44 billion versus US$9.23 billion expected, iPad revenue of US$7.65 billion versus US$7.19 billion down 7% year on year, wearables revenue of US$8.81 billion compared US$8.98 billion expected (up 12 percent year on year), and services revenue of US$19.82 billion versus
Apple’s board of directors announced a cash dividend of US$0.23 per share of ordinary stock, up 5% from the previous year. The dividend will be paid on May 12, 2022 to stockholders who were on the books on May 9, 2022. The board of directors also approved an increase in the existing share repurchase program of US$90 billion.
Alcyr Araujo, the founder and CEO of Mosyle, an Apple mobile device management company situated in Winter Park, Florida, expressed his delight with the results announcement. “The growth of Apple and its enterprise business has been amazing,” he said. “Traditional Microsoft customers are starting to buy their first Mac device…. It shows that our vision that Apple is a phenomenal device for enterprise is now being confirmed by customers.”
Throughout the pandemic, Apple has generally avoided supply chain restrictions, achieving records in Q1 as well. Maestri did agree, however, that supply chain concerns were a problem for iPhone and Mac devices. Supply chain repercussions from China’s COVID-19 shutdowns and Russia’s war with Ukraine, according to analysts, may not be felt until later this year.
In after-hours trading on Thursday, Apple stock fell 3% to US$163.64.
