Recently, Apple published its June quarter of 2022 earnings report which marks another impressive quarterly earnings. With 2% Y-o-Y growth, the company recorded $83 billion in revenue in Q3, 2022 and out of that iPhone sales accounted for $40.7 billion in revenue. The success is accredited to strong iPhone 13 demand worldwide, especially in emerging markets like Vietnam, Brazil, Indonesia, and India.
In macroeconomic headwinds caused by inflation, COVID-19 lockdowns, and global chip shortage, the Cupertino tech giant performed impressively in June quarter because it offers users innovative technologies to steer them through tough times like the iPhone 13 which features a faster processor, high-quality camera system, 5G connectivity, and much more.
At the Q3, 2022 earning call, CEO Tim Cook said:
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.
Turning to iPhone. We set a June quarter record for both revenue and switchers to iPhone. With its advanced performance, capability and ease of use, customers continue to find that iPhone remains the gold standard for smartphones.
And they’ve been raving about the iPhone 13 lineup’s extraordinary camera quality with features like cinematic mode and macro photography to create eye-catching content. We were also proud to celebrate the 15th anniversary of iPhone, a device that continues to change the world in profound ways with each new innovation.
iPhone attracted a record number of switchers in Q3, 2022
At the earnings call, Apple CFO Luca Maestri further detailed that iPhone sales recorded $40.7 billion in revenue with 3% year-over-year growth. He said that the smartphone was able to survive foreign exchange headwinds because of the strong iPhone 13 demand.
Quoting surveys that show customers 98% satisfaction with iPhone, he reported that the smartphone attracted a record number of switchers in the June quarter this year, in consumer and enterprise segments.
We set June quarter records in both developed and emerging markets. 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.
In fact, the latest survey of U.S. consumers from 451 Research indicates iPhone customer satisfaction of 98%. We also attracted a record number of switchers for the June quarter, with strong double-digit year-over-year growth.
In the enterprise market, our customers are increasingly investing in Apple products as a strategy to attract and retain talent. 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.
When the Chinese economy reopened after two months of COVID-19 lockdown, Apple saw a surge in iPhone 13 demand. In the traditionally slow June quarter because of consumers waiting for the launch of the next-generation iPhone series in September, Apple recorded an unexpected increase in smartphone shipments in China.