As Apple releases its third-quarter earnings today, the hardware industry is a mixed bag. Despite lower than expected expectations, iPhone revenue increased marginally from $39.5 billion to $40.7 billion, or 3%, from the same period in 2021. Although the company’s overall performance exceeded Wall Street expectations, other categories fared less well. For the quarter, sales of the Mac, iPad, and combined wearables/home category all declined.
Mac suffered the greatest loss of about 10% as revenue fell from $8.2 billion to $7.4 billion. Apple Watch, AirPods, and HomePods were included in the wearables/home/accessories category, which saw a roughly 8% decline from $8.8 billion to $8.1 billion. The iPad saw a slight decline from $7.3 billion to $7.2 billion.
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The performance of the company can be summed up in one word (or three) as “could be worse,” as Apple’s products have long been seen as something of a bellwether for purchases of luxury goods. An indication of the company’s confidence is the company’s increased iPhone revenue, even if it is only slightly higher than much worse macro trends for the smartphone industry.
In a press release, Apple CFO Luca Maestri mentioned some of the bigger issues, saying,
“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment. We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category.During the quarter, we generated nearly $23 billion in operating cash flow, returned over $28 billion to our shareholders, and continued to invest in our long-term growth plans”.