Despite missing expectations for several devices like the iPhone series and iPad series, Apple reported its fiscal fourth-quarter earnings for this year and has beaten the expectations on revenue and earnings per share.
The Apple logo is seen at the entrance of an Apple store in Washington, DC, on September 14, 2021. - Apple users were urged on Tuesday to update their devices after the tech giant announced a fix for a major software flaw that allows the Pegasus spyware to be installed on phones without so much as a click. NICHOLAS KAMM/AFP via Getty Images
(Photo : NICHOLAS KAMM/AFP via Getty Images) The Apple logo is seen at the entrance of an Apple store in Washington, DC, on September 14, 2021. - Apple users were urged on Tuesday to update their devices after the tech giant announced a fix for a major software flaw that allows the Pegasus spyware to be installed on phones without so much as a click.
Record High Revenue
Apple Inc. or AAPL has just finished reporting its fiscal fourth quarter with a record high revenue of $90.1 billion ($88.90 B est.) and a net profit of $20.7 billion based on a report by Engadget. Expectations were beaten on revenue and earnings per share yet came up short of revenue expectations for some of its products and services.
Apple Chief Executive Officer Tim Cook stated that the result for this quarter reflects to the company's service to the consumers and how are they committed on innovating. He also added that if not for the strong dollar, the 8$ of increased revenue during the quarter will double-down digits.
"The foreign exchange headwinds were over 600 basis points for the quarter, so it was significant. We would have grown in double digits without the foreign exchange headwinds," the CEO added.
Before these numbers were revealed, many are concerned about the company especially since there is an economic downturn in the United States. It became an opportunity for some of its competitors to see how affected Apple is by the current situation.
Products and Services Expectations
The numbers below are mixed up in terms of their separate performances. By looking at the analysts' predictions on how these products will be performing when it comes to revenues, it misses these numbers. 9To5Mac provided a full breakdown for the fiscal Q4 2022:
iPhone: $42.63 billion ($43.21 billion est.)
Mac: $11.51 billion ($9.36 billion est.)
iPad: $7.17 billion ($7.94 billion est.)
Wearables, home, and accessories: $9.65 billion ($9.17 billion est.)
Services: $19.19 billion ($20.10 billion est.)
Despite some missed expectations, the overall performance of the products revenue did well as the analysts predicted that Apple will only be hitting $69.04 billion in total but surprisingly, it hit $70.96 billion.
CNBC reported that Apple was not able to provide an official guidance for its first quarter since the company stopped this since 2020. This will end in December, which will be the company's biggest sales season of the year.
Meanwhile, Chief Financial Officer Luca Maestri stated, "We're not providing revenue guidance, but we are sharing some directional insight." He presented a few data to the investors regarding the reason for the decreasing stock momentarily.
Annually, the revenue jumps in December less than the 8.1% of September. He also stated that Mac sales are declining every December quarter. Adding to this is that Apple Services will also grow by the end of the year.
