American multinational technology company, Apple, posted a revenue of $97.3 billion in the second quarter of its operating calendar, up 9 percent year-on-year, according to the company’s financial results for its fiscal 2022 second quarter which ended March 26, 2022.
Apple Inc. also recorded a quarterly earnings per diluted share of $1.52 during the second quarter.
Tim Cook, Apple’s CEO, said the second quarter’s record results are a testament to Apple’s relentless focus on innovation and the company’s ability to create the best products and services in the world.
“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.”
Tim Cook
Luca Maestri, Apple’s CFO, disclosed that the company’s strong operating performance generated over $28 billion in operating cash flow, and allowed the tech giant to return nearly $27 billion to its shareholders during the quarter.
“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”.
Luca Maestri
Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock, an increase of 5 percent. The dividend is payable on May 12, 2022 to shareholders of record as of the close of business on May 9, 2022. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program.
Growth in net sales
Apple’s net sales in goods and services in the second quarter of 2022 amounted to $97,278 million compared to $89,584 million recorded in the corresponding quarter last year.
Apple continues its sterling performance this operating year after recording an all-time revenue of $123.9 billion, up 11 percent year over year, in the first quarter of 2022. The operating results in Q1 2022 allowed Apple to return nearly $27 billion to its shareholders during the quarter.
The American multinational technology company specializes in consumer electronics, software and online services. Apple is the largest information technology company by revenue (totaling US$365.8 billion in 2021).
As of January 2021, it was the world’s most valuable company, the fourth-largest personal computer vendor by unit sales and second-largest mobile phone manufacturer. It is one of the Big Five American information technology companies, alongside Alphabet, Amazon, Meta, and Microsoft.
Apple became the first publicly traded U.S. company to be valued at over $1 trillion in August 2018, then $2 trillion in August 2020, and most recently $3 trillion in January 2022.
The company sometimes receives criticism regarding the labor practices of its contractors, its environmental practices, and its business ethics, including anti-competitive practices and materials sourcing.
Nevertheless, the company enjoys a high level of brand loyalty, and is ranked as one of the world’s most valuable brands.
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