Apple will soon report its financial results for the second fiscal quarter of 2022. Wall Street is expecting the tech giant to report record-breaking figures with growth likely propelled by Mac and iPhone 13 sales. Apple’s second-quarter ran from December 26 through March 26, according to the company’s fiscal calendar.
Analysts forecast Apple will set a new March quarter record with $93.9 billion in revenue
According to Yahoo Finance, analysts predict that Apple will set a new March quarter record for the company with revenue of $93.9 billion. In the same quarter last year, the company reported record revenue of $89.6 billion, up 54 percent year over year, and quarterly earnings per diluted share of $1.40.
This quarter’s revenue growth is expected to come from iPhone, Mac, Services, and Wearables. Revenue from iPad sales is unlikely to be significant, as per estimates compiled by Philip Elmer-DeWitt.
As per the tech giant’s fiscal calendar, its second-quarter ran from December 26 through March 26. During the quarter, Apple launched a ton of new products; the Mac Studio, the 27-inch Studio Display, the third-generation iPhone SE, the fifth-generation iPad Air, and new green colorways for the iPhone 13 and iPhone 13 Pro.
Recently, investment bank Cowen’s analyst predicted that Cupertino tech company will report stable March quarter results thanks to improving supply chain conditions. But, the stability is expected to take a hit in the upcoming June quarter.
The analyst said the growth seen by the tech giant during this period can be attributed to stable demand for iPhones and Macs along with improving component supply chain conditions. In terms of Services, the analyst predicts Apple’s paid subscriptions reached 800 million in the March quarter — up from 785 million exiting 2021. The new releases of iPhones and Macs in addition to higher Services sales will be able to see quarter gross margins reach the expected 42.5% to 43.5% range.
The Cupertino tech giant will release its Q2 2022 earnings results on its official Newsroom page today at 1:30 p.m. Pacific Time. Apple CEO Tim Cook and CFO Luca Maestri will subsequently discuss the results on a conference call at 2:00 p.m. PT / 5:00 p.m. ET on a live conference call via the Apple Events page on their devices.