Ben Bollin -- Cleveland Research -- Analyst. Let me now turn to our cash position. And so that was what was behind application tracking transparency and a number of other features. And so I think there's reason to be optimistic. So I'm struggling to find a good way to think about how to model the growth of this business, considering that you add innovative features. And we did see a rebound in those same cities toward the end of the quarter in the June time frame. Your email address will not be published. Hall actually thinks Apple will edge those numbers out, reporting $9 5 billion in sales, 4 3 % margins, and $1.45 in per-share earnings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Thank you, Tim, and good afternoon, everyone. We expect opex to be between $12.9 billion and $13.1 billion. So I'm wondering if you talk about, are you seeing any implications from recession fears or inflation fears to your end demand? [Operator Instructions] At this time, for opening remarks and introductions, I'd like to turn the call over to Tejas Gala, Director of Investor Relations and Corporate Finance. Jul 22, 2021 3:22AM EDT. *Average returns of all recommendations since inception. Apple AAPL reported third-quarter fiscal 2022 earnings of $1.20 per share, which beat the Zacks Consensus Estimate by 5.26% and our estimate of $1.10 per share. The iPhone maker reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.03. This update was one of the many announcements we made at a truly extraordinary WWDC, where we shared a range of new features that give customers more control of their experience than ever before. The better-than-expected performance is because supply issues aren't affecting many of Apple's segments. #1. So can you just walk us through some of the various factors you believe are driving this continued iPhone strength? As we look forward, we're clear-eyed about the uncertainty in the macro environment. We know that much of the world is living through uneasy times, and it is all the more reason why we are working hard to help our customers navigate the world as it is while empowering them to create the world as it can be. To date, we have deployed more than $1.3 billion to a number of initiatives, including ones that provide financial assistance to low and moderate-income first-time home buyers develop new affordable housing and help support vulnerable populations. And last month, we announced a 10-year deal to present Major League soccer matches around the world, giving global soccer fans a whole new way of viewing their favorite sport. Good day, and welcome to the Apple Q3 FY 2022 earnings conference call. APPLE INC. : Company Events Publications and Financial Calendar | AAPL | US0378331005 | MarketScreener Homepage Equities United States Nasdaq Apple Inc. Calendar AAPL US0378331005 APPLE INC. (AAPL) Add to my list Report Summary Quotes Charts News Ratings Calendar Company Financials Consensus Revisions Funds So we don't have a very specific number to give out today. "We see it in things like logistics and wages and certain silicon components and we're still hiring, but we're doing it on a deliberate basis.". That includes a commitment to the environment where we continue our aggressive pursuit of our 2030 goals. And Tim, I wanted to follow up on your comment about the macro impact that you've seen on wearables. Investors are likely to look at how these and other recent developments have impacted Apple's earnings and revenue performance when the company reports earnings after market on Jan. 27,. As I mentioned, it has reached an all-time high across every geographic segment, across every product category. Analysts expect S&P 500 earnings growth of 3.2%, year-over-year. For the quarter, Apple posted revenue of $83 billion and net quarterly profit of $19.4 billion, or $1.20 per diluted share, compared to revenue of $81.4 billion and net quarterly profit of $21.7. We'll take our next question from Erik Woodring with Morgan Stanley. And if you can kind of share how you're thinking about the different sort of components of your growth versus the market. We continue to have supply constraints with Mac, but we're encouraged by the strong response from customers to our incredible lineup. Amazing features and amazingly useless search in the help/ support area. A replay of today's call will be available for two weeks as a webcast on apple.com/investor and via telephone. The company posted a june quarter revenue record of $83.0 billion, up 2 percent year over year, and quarterly earnings per diluted share of. And in particular, in the run-up to June 18, which as you know, is a major shopping holiday in China. Here's what to expect to hear during Thursday's earnings report. Driving the revenue picture for Apple, in spite of more Covid-related . Apple (NASDAQ:AAPL) posted a record set of Q3 FY'21 results, with revenue surging almost 36% year-over-year to $81.4 billion and earnings per share rising to $1.30, up from around $0.65 last . That implies there could be some pressure next year as upgrade rates slow. Apple will then host a. Jun 28, 2022 #1 apple today announced that it will report its earnings results for the third fiscal quarter (second calendar quarter) of. Apple share price: Q3 . Ives acknowledges the current "nervous market backdrop." Apple's 2022 update to the iPad Pro lineup introduces its newest Apple Silicon chip to its tablet range. Keep in mind, we're going to see, on a year-over-year basis, 600 basis points, 6% impact from foreign exchange so that is a big element for us. Vogt notes that iPhone shipments in China are up more than 200% year-over-year, and the company is quickly gaining high-end market share in the critical region. 6 min read Apple AAPL reported third-quarter fiscal 2022 earnings of $1.20. Figure 1: AAPL on July 27 trading after hours. Got it. The Zacks Consensus EPS Estimate for the quarter resides at $1.13, reflecting a disheartening 13% decrease in quarterly earnings year-over-year. 5G has been an accelerant. As we move from the June to the September quarter, maybe can you dig a level deeper and kind of help us understand some of the moving pieces in the services business? Company gross margin was 43.3%, down 40 basis points from last quarter as seasonal loss of leverage and unfavorable foreign exchange were partially offset by favorable mix. Net sales increased 1.9% year over year to $82.96 billion, which beat the Zacks . A passkey can't be phished nor can it be stolen by hackers in a data breach because the information is stored on your device and your device alone. We expect gross margin to be between 41.5% and 42.5%. We unveiled new innovations and accessibility such as door detection and live captions that support users with disabilities with navigation, health, communication, and more. Price as of December 9, 2022, 4:00 p.m. And in -- so in addition to those four items, we believe, based on the data, that there was also a macroeconomic environment hit. And just given the uncertainty that you've talked about in the macro further on this call a lot, how are you thinking about sort of that investment base going forward? We'll take our next question from Samik Chatterjee with J.P. Morgan. Cook told CNBC that the company is seeing inflation but will continue to make investments. Apple's overall. Also keep in mind that we're still lapping the impact of our business in Russia in these numbers. The prospect of Apple acquiring Disney seems not just unlikely, but incredibly improbable, after the returning CEO told employees the rumors are "pure speculation.". Reminds me of a sign at the grocery store recently: Sale! That is having an impact already for the September quarter, had an impact on June. Also: The company pitches itself as a health tech leader, and we have more details . Making the world smarter, happier, and richer. Investors increasingly rely upon earnings announcement dates and changes to those dates to capitalize on trading opportunities or mitigate risk. And should we still expect double-digit growth? It includes our focus on diversity and inclusion, where we are committed as ever to making progress. However, Apple did warn of a potential $4 billion to $8 billion revenue hit because of supply constraints and strict Covid-19 lockdowns in China. And are you seeing any sort of issues from a spin-down effect maybe because customers are having some difficulty because of inflation? Fair enough. So when you look at those three headwinds and you combine them with the acceleration that we talked about, we feel that that is pretty remarkable. And I have a follow-up. And they're providing incredible AR experiences for millions of people. EPS. And so we see the digital advertising cloud, if you will, continuing in the current quarter. Covid lockdowns in China had a major impact on Apple's supply chain, and the $4 billion to $8 billion revenue hit is not an insignificant headwind. We know that it's going to be a tight time economically for people around the world. Apple's iPhone revenues increased only 5.5% in Q2 due to supply chain disruptions and lockdown in China, its second-largest market. And Tim mentioned that there are some pockets of weakness, primarily in digital advertising that we will need to work through. In the enterprise market, our customers are increasingly investing in Apple products as a strategy to attract and retain talent. In the Wearables, Home, and Accessories category, the innovation infused across our products continues to win over new customers. I'd like to take this opportunity to express my appreciation to our team members working in Apple Stores, customer care centers, and channel partner stores and to our Apple Care teams for their incredible work supporting customers wherever they are. To give you a little more color on what we saw in the June quarter, we came in slightly below, from a constraint point of view, the $4 billion number that we had put, at the four to eight are the low end of that range. Apple last issued its quarterly earnings data on October 27th, 2022. Yes. Apple's Chinese iPhone factory misfortunes will certainly impact shipments, says JP Morgan, but the full impact won't be known until the facility returns to normal output. The firm earned $82.96 billion during the quarter, compared to analysts' expectations of $82.97 billion. Analysts are expecting Apple to report revenue around $82 billion and earnings-per-share of $1.16 in the June quarter. Net income was $19.4 billion and diluted earnings per share were $1.20, while operating cash flow of $22.9 billion was a June quarter record. We'll take our next question from Ben Bollin with Cleveland Research. Apple's Q4 2022 covers the months of July, August, and September. Apple looking to rely on services revenues, as the production and delivery of physical products come under the spotlight thanks to logistical and supply chain issues . Bank of America is providing iPhones to all of its financial advisors so they can instantly access client information and provide timely wealth management advice from anywhere. Let me now get into more detail for each of our revenue categories. He believes that apple will report revenue of $82 billion during its q3 2022 earnings call. I could have knocked this out in InDesign in 15 minutes or less, which Ive used since 2003. *Stock Advisor returns as of July 27, 2022. He believes that Apple will report revenue of $82 billion during its Q3 2022 earnings call. And really just related to that, variables decline was notable. As you look ahead, the supply chain issues, expedited shipping and all of that, do you think probably the September quarter is kind of the worst of FX and all those headwinds and things? One of them is the foreign exchange environment. We'll report back in October. Cook said that the iPad decline was also driven by supply constraints and a strong dollar. I'm interested when you think you find balance across products. AAPL has now returned $686 . Q3 (July 1 - September 30) October 15 - November 31 The analyst maintains his 12-month Apple price target of $200. At this time, for opening remarks and introductions, I would like to turn the call over to Tejas Gala, director of investor relations and corporate finance. The Motley Fool has positions in and recommends Apple. But at the same time, our Services business a year ago grew a lot and so also the compare is a bit challenging. We saw FX, which we've talked about. And we'll continue to execute on that vision as we always have, led by a focus on excellence and a desire to leave the world better than we found it. Apple typically releases new iPhones in September and sales fall as customers anticipate new models. iPad, like Mac, continued to see strong demand during the June quarter despite ongoing supply constraints. The restrictions begin to come off toward the beginning of June, if my memory is correct. We think that we've got a great story with the Mac with getting M1 out and now M2 out. We repaid $3 billion in maturing debt while increasing commercial paper by $4 billion, leaving us with total debt of $120 billion. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. We'll take our next question from Krish Sankar with Cowen and Company. Here's how the rival tablets square up. Apple Watch remains a great way for health-conscious customers to track their overall wellness and fitness. Today, iOS 16, iPadOS 16, MacOS Ventura, and watchOS 9 are all in public beta, and we couldn't be more excited to see what our community of developers creates with them. Apple said it spent over $28 billion on share buybacks and dividends during the quarter. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good day, and welcome. Apple will then host a conference call shortly. Microsoft's Surface Pro 9 updates the Windows tablet with both Intel and ARM options, in a form that competes directly with Apple's iPad Pro lineup. Apple 's services category, which includes Apple TV+ and Apple Music, brought in $19.6 billion in revenue for the third . The company reported net losses of $95 million in Q3, totaling a net loss of $354.9 million so far in 2022. But of the two -- there are these two components, and of course, we're optimistic about the COVID restriction piece of this. And so they grew strong double digit better than the company average, and they set a new June quarter revenue record during the quarter. So it's very difficult to talk about a steady-state growth rate for our services business. The numbers for the telephone replay are (888) 203-1112 or (719) 457-0820. I guess I wanted to start with China smartphone market here a bit. We felt good, frankly, that we were able to, by the end of the quarter, get this back to where we were down 10 points. And we're bringing them even more data about their workouts, sleep cycles, and medications with updates soon to arrive on watchOS 9. Here's how they compare. Do you still feel that way? Tim, I was hoping you could share a little bit more about how you're thinking about the supply headwinds. Cupertino, california july 28, 2022 apple today announced financial results for its fiscal 2022 third quarter ended june 25, 2022. We were also pleased to get FDA approval for a new feature that will let users with irregular heart rhythms track the time they spend in Afib. I have two as well. Apple's board of directors declared a cash dividend of $0.23 per share on common stock, reflecting an increase of 5%. And earlier today, we opened Apple Brompton Road, our fifth store in Central London. As earnings season continues to unfold, one important report to watch next week is Apple 's ( AAPL -0.34%). Very helpful. Apple's 79-pound iPhone Self Repair Program toolkit is on our test bench. Apple reported fiscal third-quarter earnings on Thursday that beat Wall Street expectations for sales and profit but showed slowing growth for the iPhone maker. And you mentioned in your prepared remarks that you saw sort of the record number of switchers in the quarter. Good day, and welcome to the apple q3 fy 2022 earnings conference call. ET. Thank you. Leading with our values also means leading with a steadfast commitment to privacy and security. Then the second lever is the customer engagement. We saw great enthusiasm for our products and services, resulting in an all-time record for our installed base of active devices. Apple's revenue rose 2% during the quarter, compared to 36% growth during the same period last year and over 8% growth in the March quarter. Apple, Inc. is on track to deliver close to $100 billion of net income in the fiscal year 2022 and set a new company record, which should help it move higher. If you look at it from a year-over-year standpoint, we are in the ballpark of a year ago in spite of the fact that foreign exchange is going to be 130 basis points negative to a year ago. Thank you, Tejas. Meaning where do you think we could see an acceleration or maybe a deceleration? I'm saying that the data doesn't show it where we can clearly see that in the Wearables, Home and Accessories area. AppleInsider may earn an affiliate commission on purchases made through links on our site. We'll see what happens with foreign exchange rates over time. Good afternoon, everyone, and thank you for joining us. In 2022, zero-tolerance policies in China led to multiple lockdowns and factory closures throughout Apple's supply chain. Find the latest earnings report date for apple inc. Aapl apple inc q3 2022 earnings call. Maybe to start on the gross margin discussion, Luca. + google calendar + ical export. On the product side, we expect supply constraints to be lower than what we experienced during the June quarter. Your email address will not be published. Around the world, we set new June quarter records in the Americas, in Europe, and rest of Asia Pacific. We continue to be excited about our long-term opportunity with Mac and redefining the PC experience with our relentless innovation. Apple Hospitality REIT, Inc. (NYSE:NYSE:APLE) Q3 2022 Earnings Conference Call November 8, 2022 10:00 ET Company Participants Kelly Clarke - Vice President, Investor Relations Justin Knight. Apple's iPhone sales exceeded Wall Street expectations, suggesting that demand for iPhone 13 models remains strong even in the second half of the product's annual release cycle. Or would you say there are additional puts and takes this time around that could drive upside and downside to that? During that quarter, Apple missed Wall Street expectations. But if we look ahead, there's always a couple of elements in gross margin that are a bit outside of our control and we need to be mindful of that. OK, that's helpful. His clients may own shares of the companies mentioned. Today, Apple is reporting another record June quarter with revenue of $83 billion, which was better than we expected despite supply constraints, strong foreign exchange headwinds, and the impact of our business in Russia. During the quarter, our installed base of active devices continue to grow well, thanks to our unmatched levels of customer satisfaction and loyalty and reached an all-time high for all major product categories and geographic segments. Tim has mentioned, for example, digital advertising can be affected at times. Apple q3 2022 earnings call transcript thu., july 28, 2022 | alphastreet listen to conference call participants corporate executives tejas gala director of investor relations and corporate finance tim cook chief executive officer luca maestri senior vice president and chief financial officer analysts amit daryanani, evercore The company posted a june quarter revenue record of $83.0 billion, up 2 percent year over year, and quarterly earnings per diluted share of. And for my follow-up, valuations have come down in the last 18 months or so for things and companies and targets that you might look at. We returned over $28 billion to shareholders during the June quarter. All Rights Reserved. And then maybe my follow-up for Luca. We'll take our next question from Harsh Kumar with Piper Sandler. After all, the newsletter theyhave run for over a decade,Motley Fool Stock Advisor, has tripled the market.*. However, GameStop is still sitting on a large cash pile of about $1 billion about . Are you trying to look at areas that where you can sort of pull back? But when we look at the entirety of what we are doing in the Services space, we feel very good about the future of the business. The weekly Apple chart highlights the declines seen over the course of the second quarter of 2022, with the June low of $129.07 representing a 30% decline from the January high. We expect Apple's Revenues to come in at about $72.5 billion, marking an increase of about 21% year-over-year. Today, the product and the innovation within the product that is driving it. Joshua Mahony, Publication date : 2022-07-18T13:11:13+0100. But it is an estimate. One is installment plans and installment plans have become more widespread around the world, not only here in the United States but in most markets, particularly in emerging markets. Apple today announced that it will report its earnings results for the third fiscal quarter (second . All rights reserved. Apple's investor relations website states: FY 21 Third Quarter Results Apple's conference call to discuss its third fiscal quarter results is scheduled for Tuesday, July 27, 2021 at 2:00 p.m. PT / 5:00 p.m. For Mac, we generated revenue of $7.4 billion despite supply constraints and negative effects. If you need more real estate, though, we've rounded up the best monitor for your Mac in 2022. So these are all things that tend to help us over the long term. Krish Sankar -- Cowen and Company -- Analyst. Leading with our values and everything we do gives that mission purpose. Thanks for the question. The first one is installed base. And so it was a very big impact to the Mac business. As usual, the company will release its Q3 2022 earnings. Thank you. If you -- I'm not an economist and so I'll sort of narrow my comments to what we saw in the business. We are proud of the fact that the iOS app economy supports more than 2.2 million jobs here in the United States and many more around the world. It's challenging to measure the replacement cycle at any point in time with exact precision, and so I'm going to punt on the question a bit. Cook said Apple had success attracting Android customers to become iPhone owners during the quarter. So clearly, foreign exchange is something that is affecting us but we think we're navigating that fairly well. Got a confidential news tip? 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I mentioned in my prepared remarks that we expect some deceleration from the 12% that we've had in the June quarter. For example, Apple Watch continues to extend its reach, with over two-thirds of customers purchasing an Apple Watch during the quarter being new to the product. Erik Woodring -- Morgan Stanley -- Analyst. Given price points and the potential stagnant growth of Apple's tablets, the company's spring hardware could drive greater sales than in Q3 2022. With that, let's open the call to questions. Analysts see Apple's revenues climbing 23% year-over-year, the second largest year-over-year increase. The iPhone 14, for example, could see stronger sales numbers than the last generation. And the iPhone active installed base reached a new all-time high across all geographies as a result of this level of sales performance combined with unmatched customer loyalty. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Cook said Apple has 860 million current paid subscriptions, which includes anyone who subscribes to an app sold on the Apple App Store in addition to products such as Apple Music and iCloud. Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Richard, we view privacy as a fundamental human right. The company posted a june quarter revenue record of $83.0 billion, up 2 percent year over year, and quarterly earnings per diluted share of. Apple Q3 2022 Earnings Date. The result: Third-quarter Mac sales came in about $1 billion lower than in the year-earlier period. Commodities are behaving OK. We're seeing some price pressure on some silicon components. 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Apple updated its iPad lineup, and there are more pricing tiers than ever. Krish Sankar of investment bank Cowen believes that Apple will post revenues largely in-line with Wall Street consensus. Sankar bases his forecast on healthy iPhone and Mac demand during the quarter, despite macroeconomic headwinds. On the -- from an aggregate point of view, looking at it worldwide, looking at the data on iPhone for the June quarter, there's not obvious evidence in there that there's a macroeconomic headwind. Of course, there was an impact from the business in Russia. We now have more than 860 million paid subscriptions across the services on our platform, which is up more than 160 million during the last 12 months alone. Q2 (April 1 - June 30) July 15 - August 31. Our transacting accounts, paid accounts, and accounts with paid subscriptions all grew double digits year over year. Well, as you know, we don't provide guidance past the current quarter. Apple narrowly beats estimates, reports record Q3 2022 revenue - 9to5Mac iPhone: $40.67 billion (Up 3% YOY) Mac: $7.38 billion (Down 10% YOY) iPad: $7.22 billion (Down 1.9%) Wearables:. The Motley Fool recommends the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. Tuesday June 28, 2022 2:44 pm PDT by Juli Clover. And so that's very important. China had very good results on services last quarter. In some geographies, it's obviously higher, but around the world, 5G penetration is still low. The Couchmaster Cybot is an awkward workstation that doesn't seem to fit any use case well enough to justify the high price. Supplies of the iPhone 14 Pro models have improved and moderated lead times for getting into the hands of customers, JP Morgan's tracker indicates, but lead times will continue to be a focus throughout December. Buy now, pay later is the latest that we are doing on this front. And that was either running at a reduced rate or down completely for the majority of the quarter. For q3 2022, analyst predictions for revenue varied; Today's call is being recorded. Mac sales were short of consensus expectations and fell over 10% on a year-over-year basis. Financial analysts can contact me with additional questions at (669) 227-2402. And paid subscriptions showed very strong growth. Release Date Period End EPS / Forecast Revenue . Operator: Good day, and welcome to the Duluth Holdings, Inc. Third . We set June quarter records in the Americas, in Europe, and in the rest of Asia Pacific region. You're seeing double-digit growth in customers new to iPhone. We want to hear from you. In terms of testing the demand, you can't really test the demand unless you have the supply. As you know, they have different margin profiles for very different reasons, different businesses, even different accounting treatment at times. Visit our earnings calendar page for more information on earnings and EPS offerings. Creating innovative products and services that enrich people's lives is our mission. I'd now like to turn the call over to Tim for introductory remarks. +20 Iphone 14 Release Date And Price Australia References, +20 When Does The New Iphone Update Come Out 2022 Ideas, The Best New Iphone Coming Out In March 2022 References, Incredible Iphone Release Date 2022 Uk References. RH (NYSE:NYSE:RH) Q3 2022 Earnings Conference Call December 08, 2022 05:00 PM ET Company Participants Allison Malkin - ICR Gary Friedman - Chairman & Chief Executive Officer Jack. Investors are hoping for more clarity and conviction on the bullish thesis on Thursday. The record level of performance of our services portfolio during the June quarter reflects the strength of our ecosystem on many fronts: First, our installed base has continued to grow, reaching an all-time high across each geographic segment and major product category. Apple in April introduced the Mac Studio, Studio . Yes, both things are true. ", Cathie Wood says the Fed is making a serious mistake as bond market flashes worst signal since 1980s, Tech wreckage catches up to Salesforce as cloud giant's valuation reaches parity to Microsoft's, 'A gift to investors': BlackRock says it's time to rethink bonds. Last month, Apple unleashed a wave of innovation, including the completely redesigned MacBook Air and a new 13-inch MacBook Pro. On Apple's hardware, multiple reports and analyst comments indicate that demand for the iPhone 13 and iPhone 13 Pro is still unusually strong for this time of year. All in all, the Cowen analyst still believes Apple is a defensive name to own during the current financial uncertainty. Given the continued uncertainty around the world in the near term, we are not providing revenue guidance but we are sharing some directional insights based on the assumption that the macroeconomic outlook and COVID-related impacts to our business do not worsen from what we are projecting today for the current quarter. Mac and iPad were so gated by supply that we didn't have enough product to test the demand. It includes monthly subscriptions, payment fees, warranties, search licensing fees from Google, and revenue from the iPhone App Store. 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