Apple reported its earnings for Q2 2022 to investors on Thursday. Once again, the company beat analyst expectations and posted massive revenues and profits across most of its product lines. The only category that saw a drop in year-over-year revenue was the iPad.
Q2 2022 largely included the months of January, February, and March 2022. For that period, Apple reported $97.3 billion in revenue, up 9 percent year-over-year, with a profit of $25 billion.
Apple rolls up each product into one of five categories to report revenue to investors. The services category includes iCloud, the App Store, Apple Card, and Apple Music. The Other Products category includes both the Apple Watch and AirPods, as well as a smorgasbord of others that don’t neatly fit in the other devices. The iPhone, Mac, and iPad categories are self-explanatory.
These are the categories and how much they each earned in revenue during Q2:
- iPhone: $50.57 billion, up 5.5 percent year-over-year
- Services: $19.82 billion, up 17.28 percent
- Mac: $10.43 billion, up 14.73 percent
- Other Products: $8.82 billion, up 12.37 percent
- iPad: $7.65 billion, down 1.92 percent
In a statement to investors, Apple CEO Tim Cook credited users who switched from Android as a critical driver of the iPhone’s success in the quarter. He credited the M1 chip family for the Mac’s growth.
On the iPad, Cook said the product line faced supply constraints that may have limited its performance.
Additionally, Apple’s board of directors authorized $90 billion in share buybacks. In 2021, Apple previously spent $88.3 on share buybacks, according to CNBC and S&P Dow Jones Indices.
Once again, Apple declined to offer guidance on the current quarter. Breaking with Wall Street tradition, the company has not done so since the COVID-19 pandemic began, claiming that there are too many unknowns in the global economy to make accurate predictions.