Apple reports record Q3 revenue of $83B, up 2% YoY, vs $82.8B est., net income down 11% to $19.4B, iPhone revenue up 3% to $40.7B, Mac revenue down 10% to $7.4B
people coming from Android - saw double-digit growth) Joanna Stern / @joannastern : “We didn't have enough product to test the demand,” Cook says of impact of inflation and other macroeconomic trends on iPad and Mac in last quarter. A different story from Apple than from Microsoft / Intel this week... Ophir Gottlieb / @ophirgottlieb : $AAPL... wow Apple CFO Says: * Seeing No Demand Slowdown For iPhones * Expect Revenue Growth To Accelerate In Current Quarter Vs June Quarter Rate Ben Bajarin / @benbajarin : Important observation as Apple continues to defy macro concerns (just like they did in 08-09 economic downturn). The premium/high-end segments of the market are not as susceptible to downturns as the mid and low-end. Apple may see some pullback, but unlikely to be hit as hard. Chandra R. Srikanth / @chandrarsrikant : Apple does not provide a country-wise split of its revenues but the “Rest of Asia-Pacific Region”, which includes India, reported revenues of $6.15 billion for the quarter ended June 25, 2022, a 14 percent increase from $5.4 billion in the year-ago period. Dan Ives / @divestech : This is another trophy case moment for Cook and Apple given the macro. Demand holding firm and iPhone 14 product cycle on the way. China down only 1% was a shocker given shutdowns during quarter. Positive call. Combining this with Amazon print, tech bulls will sleep well tonight Tren Griffin / @trengriffin : “Apple said it spent over $28 billion on share buybacks and dividends during the quarter.” Can you name a large Apple shareholder that didn't sell any shares? https://www.cnbc.com/... Steve Kovach / @stevekovach : Just got off the phone with Tim Cook. On hiring: he says Apple will be “deliberate” in hiring. But wouldn't call it a slow down. Jim Cramer / @jimcramer : i say own it, don't trade it because if you listen to Apple's conference call you will know this company is simply a cut above all others Dare Obasanjo / @carnage4life : Looks like the greatest American companies in big tech are... (•_•) ( •_•)>⌐■- ■ (⌐■_■) ...MAGA Steve Kovach / @stevekovach : On that 10% fall in Mac sales yoy: Cook told me supply constraints and foreign exchange to blame. Dare Obasanjo / @carnage4life : Google, Apple, Microsoft and Amazon are effectively recession proof based on their earnings where they've all grown double digits in key already large businesses while everything falls apart around them. https://twitter.com/... Dare Obasanjo / @carnage4life : This earnings season has really made clear that the companies in FAAMNG aren't equal. Apple's moat and customer loyalty with the iPhone is so significant that their revenue was mostly impacted by supply chain issues not reduced demand. They expect faster revenue growth in Q3. 🤯 https://twitter.com/... Neil Shah / @neiltwitz : @Apple has “multiple profitable billion dollar” lines & is best positioned in the entire tech industry to continue hiring & attract talent from other firms which are grappling with uncertainty & layoffs. That is what @tim_cook means by “deliberately”!! https://twitter.com/... Ben Bajarin / @benbajarin : Another important observation within these macro-economic concerns. Businesses with the most diverse revenue streams (ideally across different market segments) can weather economic down turns better. @bleedsixcolors : The Mac's been on quite a run but it was down 10% year over year, the first drop in more than two years. Supply constraints will probably factor in here. https://twitter.com/... @bleedsixcolors : Everything about $AAPL is context. This was a $83B revenue quarter. It was also kind of “meh” - up 2% YOY. That's “meh” in a way only Apple can be “meh.” https://twitter.com/... Charlie Bilello / @charliebilello : Apple Revenue (Billions) 2022(est): 393 2021: 378 2020: 294 2019: 268 2018: 266 2017: 229 2016: 216 2015: 234 2014: 183 2013: 171 2012: 157 2011: 108 2010: 65 2009: 43 2008: 37 2007: 25 2006: 19 2005: 14 2004: 8.3 2003: 6.2 2002: 5.7 2001: 5.4 2000: 8.0 1999: 6.1 1998: 5.9 $AAPL Steve Kovach / @stevekovach : On supply constraints: Cook told me the impact was LESS than the $4 billion - $8 billion he warned about last quarter. Although would not say precisely how bad it was. Ben Bajarin / @benbajarin : And another record quarter for Apple. https://twitter.com/... See also Mediagazer
Context & Ripple Effects
Apple’s fiscal Q3 revenue rose from $81.4B in the prior year’s quarter to $83B, but the growth rate slowed sharply from the prior year’s 36% gain. The current quarter’s iPhone growth contrasts with declines in Mac revenue and constrained iPad and Mac availability.
The result also follows Apple’s earlier period of rapid iPhone-led expansion, including record Q2 revenue in 2021. It matters because Apple says iPhone demand has not slowed even as it plans to be deliberate on hiring and product constraints limited other hardware sales.
First-order effects
- Apple’s iPhone business provides the quarter’s growth engine, while limited iPad and Mac availability directly constrains sales in those product lines.
- Apple returned more than $28B through buybacks and dividends while reporting lower net income, and its stated hiring discipline tightens near-term operating priorities.
Second-order effects
- iPad and Mac buyers face product availability constraints, shifting near-term Apple hardware sales toward categories the company says are not seeing an iPhone demand slowdown.
- Apple’s divergent iPhone and Mac results make product-specific supply availability, rather than a single companywide demand signal, more consequential for its quarterly sales mix.
Third-order effects
- If iPhone demand continues to outpace constrained Mac and iPad supply, Apple’s growth profile becomes more dependent on its largest hardware category even as its other device lines recover availability.
- Apple’s combination of shareholder returns and deliberate hiring points to a more selective operating posture after the prior year’s unusually fast revenue growth, with supply conditions shaping how quickly device categories contribute.
The trend: Apple is moving from broad, rapid post-2021 growth toward a period in which iPhone resilience and uneven hardware supply determine the pace and composition of revenue growth.