Apple Inc (AAPL) Q3 2022 (USD): EPS 1.20 (exp. 1.16), Revenue 82.96bln (exp. 82.81bln)

• iPad: 7.22bln (exp. 6.94bln)


• iPhone: 40.67bln (exp. 38.33bln)


• Mac: 7.38bln (exp. 8.7bln)


• Products revenue: 63.36bln (exp. 62.44bln).


• Wearables, home and accessories 8.08bln (exp. 8.82bln).


• Service revenue 19.60bln (exp. 19.75).


• Greater China revenue 14.60bln, -1.1% Y/Y.

COMMENTARY:

• CFO seeing no demand slowdown for iPhones.


• Over 800mln paying subscribers now.


• Expect 6% hit from FX in current Q.


• Ad sales being hurt by economic environment in previous, and current Q.


• Supply chain issues in June cost just under USD 4bln in sales.


• Mac and iPad remain supply constrained.


• Wearables, home products, and accessories seeing demand weakness due to economy.

Via Apple

Analysis details (21:30)

INDEX WEIGHT:

• 7.4% SPX weight


• 16.4% NDX weight


• 3.1% Dow weight


• Sector/Industry: Information Technology/Technology Hardware, Storage & Peripherals

BROKER RATING:

• Avg Rating: 'Buy'


• Avg Price Target: USD 182.94


• Price Target Changes (last 30 days): 8 upward vs 6 downward

28 Jul 2022 - 21:30- EquitiesImportant- Source: Apple