In its 4Q22 earnings report Thursday, Apple reported numbers that once again beat Wall Street expectations. The iPhone maker reported a record September quarter with revenues of $90.1 billion. The quarter ended September 24. That means we are currently almost midway through the Cupertino-based company’s first fiscal quarter of 2023.
New Products Lead to Another Record-Breaking Quarter
In its 4Q22 earnings conference report Thursday, Oct. 27, Apple posted total revenue for the quarter of $90.1 billion. This reflects a year-over-year increase of 8% over the previous year’s quarterly revenue of $83.4 billion.
Apple CEO Tim Cook said the results “reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it.” He went on to offer assurance to shareholders for a strong quarter ahead:
As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, to securing user privacy, to strengthening accessibility, and to creating products and services that can unlock humanity’s full creative potential.
The tech giant posted earnings-per-share of $1.29, compared with analysts’ estimates of $1.27.
The company also reported the company set a new record for the September quarter. Apple CFO Luca Maestri stressed the results “continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop.”
Apple’s board of directors also declared a cash dividend of $0.23 per share. The dividend is payable Nov. 10 to shareholders of record as of the close of business Nov. 7.
The quarter ends another record-breaking year for Apple. Maestri said the tech giant’s revenue grew over $28 billion, with operating cash flow up $18 billion over last year.
Apple 4Q22 Earnings Report Beats Wall Street Expectations…Again
Wall Street analysts mostly expected Apple to post revenues of $88.9 billion. Analysts have voiced concerns about the effect of global economic and geopolitical issues for the upcoming quarter, but remain optimistic about Apple’s performance.
In fact, Apple has beat Wall Street expectations for three of the past four quarters. At a time when global spending on smartphones and PCs is in a decline, Cupertino continues to see rising sales instead of falling. In its last fiscal quarter for 2022, Apple generated $24 billion in operating cash flow. It returned $29 billion to shareholders, even as it continued to invest in long-term plans.
While Apple continues its refusal to offer specific guidance for the quarter ahead, the company did express optimism. Strong iPhone 14 Pro sales combined with the newly-launched iPad and iPad Pro models are expected to continue.