Apple reports only slight growth in Q3 2022 earnings report
Enlarge / Apple HQ in Cupertino, California. (credit: Anadolu Agency | Financial Times)
Apple reported its earnings for the third fiscal quarter of 2022 on Thursday, and like many of its peers in consumer electronics, the company barely eked out growth over the same quarter last year. Overall revenue was up just 2 percent year over year, at $83 billion.
The company's services business, which includes everything from Apple Music to iCloud and AppleCare+, was the growth leader with 12 percent increased revenue compared to the same quarter last year. That's for a total of $19.6 billion.
But the company still earns most of its money from other categories, none of which grew as quickly. The iPhone earned $40.67 billion during the quarter-just 3 percent more than last year. And all three of the company's other categories were down against last year. The Mac fell 10 percent to $7.38 billion, the iPad was down 2 percent at $7.22 billion, and other products-including the Apple Watch, AirPods, and others-were down 8 percent to $8.08 billion.