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Notes of interest from Apple’s Q2 2022 earnings report and conference call

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Apple posted another record-breaking quarter, beating the street consensus in nearly every regard. Here are some notes of interest from the report, including remarks from Apple CEO Tim Cook and CFO Luca Maestri.

Ahead of the usually-scheduled conference call with analysts, Apple reported $97.28 billion in revenue for the quarter ending March 2022, an increase year-over-year from the $89 billion reported in Q2 2021.

The quarter’s gross margin reached 43.7%, up from the year-ago quarter’s 42.5% figure. Operating expenses shifted from $10.6 billion in Q2 2021 to $12.6 billion in Q2 2022. The diluted earnings per share is set at $1.52.

Apple’s board of directors declared a cash dividend of $0.23 per share, an increase of 5 percent. The dividend is payable on May 12, 2022 to shareholders of record on May 9, 2022.

The board of directors also authorized an increase of $90 billion to the existing share repurchase program.

As he usually does, Apple CEO Tim Cook had a statement on the earnings.

“This quarter’s record results are a testament to Apple’s relentless focus on innovation and our ability to create the best products and services in the world,” said Apple CEO Tim Cook in reference to the financial report.. “We are delighted to see the strong customer response to our new products, as well as the progress we’re making to become carbon neutral across our supply chain and our products by 2030. We are committed, as ever, to being a force for good in the world — both in what we create and what we leave behind.”

Apple CFO Luca Maestri chimed in on the earnings as well.

“We are very pleased with our record business results for the March quarter, as we set an all-time revenue record for Services and March quarter revenue records for iPhone, Mac, and Wearables, Home and Accessories. Continued strong customer demand for our products helped us achieve an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “Our strong operating performance generated over $28 billion in operating cash flow, and allowed us to return nearly $27 billion to our shareholders during the quarter.”

This post will be added to for the duration of the conference call.

Highlights from the earnings report, and the conference call

  • Immediately after the report, Apple stock climbed about $3 in after-hours trading, in a day that saw gains before the market closed
  • Q2 was Apple’s third-highest revenue of all time, eclipsed only by the last two holiday quarters
  • CNBC reports that China Tim Cook noted that China shut downs did not impact Q2 as they started just as Apple was closing out fiscal Q2.

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