AppleAAPL159,57 $
28 April Apple published a good report for 2 quarter of fiscal year 2022, but its shares in the postmarket fell by 2%. The company warned, that in the current quarter its revenue will suffer due to a shortage of components.
Financial results
Apple's performance compared to the same quarter last year and analyst expectations:
- total revenue - 97.3 billion (+9%), expectations - 93.9 billion dollars;
- earnings per share - 1,5 $ (+9%), expectations - 1,4 $.
Same as last quarter, sales increased in all categories, except iPad:
- iPhone - 50.6 billion (+5,5%), forecast - 47.9 billion dollars;
- iPad - 7.6 billion (−2%), forecast - 7.1 billion dollars;
- Mac - 10.4 billion (+15%), forecast - 9.2 billion dollars;
- accessories - 8.8 billion (+12%), forecast - $ 9 billion;
- services - 19.8 billion (+17%), forecast - $19.7 billion.
The head of the company, Tim Cook, during the report noted the high demand for the iPhone 13, as many changed old models to new ones. He also said, that among the buyers there were many, who used Android smartphones before.
But iPad sales have fallen again. According to Cook, the reason is still the same: "very serious supply problems".
Services - App Store services, Apple Music, Apple Pay and others are still a high-margin and fast-growing business for the company. Services sales were in line with expectations this quarter, although earlier they exceeded forecasts by 3-8%. Apple explained: sales dynamics "unusual", because coronavirus restrictions are canceled, then enter again.
It is during quarantine that sales of Apple services grow the fastest, because people spend most of their time at home. For example, a year ago, sales in this segment increased by 30%.
Since the beginning of 2020, Apple cites uncertainty and does not predict quarterly sales. This time the company added, that factories are working with restrictions due to COVID-19, and the lack of components will cost her 4-8 billion dollars in revenue.
Apple also approved a $90 billion share buyback program. The company spent the same amount on buyback in 2021.
After the report, Apple shares fell to 2%, to 160 $. Since the beginning of the year, shares have fallen by 10% is at the level of the broad market index S&P 500.
