Apple's Revenue and Profit Exceed Analyst Projections, Mac Sales Surge

Apple Inc. reported fourth-quarter fiscal 2022 revenue of $90.1 billion, an 8 percent year-over-year (YoY) increase. This revenue exceeded analyst projections.

Meanwhile, Apple reported earnings per share of US$1.29, surpassing the average analyst projection of US$1.26 per share.

This strong performance was driven by a surge in Mac sales, thanks to many companies worldwide adopting work-from-home and hybrid work systems during the pandemic. Apple recorded Mac revenue of US$11.5 billion, significantly higher than the analyst projection of US$9.25 billion.

However, iPhone sales, and music and video streaming revenue were lower than analyst estimates. Apple's flagship product, the iPhone, recorded sales of US$42.6 billion in the quarter ended September 24, lower than the analyst projection of US$42.7 billion. The services sector, including music and video streaming, recorded revenue of US$19.2 billion, well below the almost $20 billion projection.

“Our record September quarter results continue to demonstrate Apple’s ability to execute effectively despite challenging and volatile macroeconomic conditions,” said Luca Maestri, Apple’s CFO, in an official statement.