Apple Rolls on the Street

Apple announced their 4th Quarter (July-September) financial results and the results for the 2022 Fiscal Year.  Short sellers and doom sayers were predicting dire results but once again Apple beat the street posting revenue of $90.1 billion and net quarterly profit of $20.7 billion, or $1.29 per diluted share, compared to revenue of $83.4 billion and net quarterly profit of $20.6 billion, or $1.24 per diluted share, in the year-ago quarter. The analysts predicted Apple to report EPS of $1.27 per share on revenue of $88.90 billion.

Gross margin for the quarter was 42.3 percent, compared to 42.2 percent in the year-ago quarter. Apple also declared a quarterly dividend payment of $0.23 per share, payable on November 10 to shareholders of record as of November 7.

Tim Cook said “This quarter’s results reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it, 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.”

Despite headwinds from the pandemic, recession, the war in Ukraine and a strong dollar, Apple posted record revenue and profit. For the full fiscal year, Apple set new company records with $394.3 billion in sales and $99.8 billion in net income, up from $365.8 billion in sales and $94.7 billion in net income for fiscal 2021.

Apple indicated that year to year comparisons for the 1st quarter (October to December) will not show significant growth due to the very strong 4th quarter introductions last year.   Nevertheless,  the Apple machine keeps rolling and continues to be the greatest business story ever.  Congratulations to the entire Apple team!