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Tag: Finance

  • Apple announces $97.3 billion in revenue, $25 billion profit for Q2 2022

    Apple announces $97.3 billion in revenue, $25 billion profit for Q2 2022

    Apple on Thursday announced its Q2 2022 earnings, the company posting revenue of $97.3 billion, an increase of 9 percent year over year.

    Apple reported a profit of $25 billion alongside earnings per share of $1.52.

    The reports beat estimates of $95.51 billion in revenues, against $89.58 billion for the same quarter last year and earnings per share of $1.53. 

    Wall Street also predicted growth for the iPhone, Mac, Wearables, and Services businesses, while they predicted a slight drop in iPad revenue. 

    Apple once again refrained from offering any guidance for the quarter, again citing concerns over supply-side disruptions. Ongoing COVID-19 disruptions and supply shortages continue to impact Apple’s revenue and its ability to predict future numbers. 

    While specific unit sales weren’t provided, Apple offered the following breakdown for fiscal Q2 2022:

    • iPhone: $50.57 billion (Up 5.5 percent YOY)
    • Mac: $10.43 billion (Up 14.3 percent YOY)
    • iPad: $7.65 billion (Down 2.2 percent YOY)
    • Wearables: $8.82 billion (Up 12.2 percent YOY)
    • Services: $19.82 billion (Up 17.2 percent YOY)

    Apple has also declared a cash dividend of $0.23 per share of its common stock, an increase of 5 percent. The board of directors has also authorized an increase of $90 billion to the existing share repurchase program. 

    Stay tuned for additional details as they become available.

    Via 9to5Mac

  • Apple to announce Q2 2022 earnings report on April 28

    Apple to announce Q2 2022 earnings report on April 28

    Apple has announced that the company will be revealing its earnings for Q2 2022 on April 2022, complete with the customary conference call featuring CEO Tim Cook and CFO Luca Maestri.

    The investor conference call, which usually occurs shortly after the release of Apple’s financial results, will take place at 2:00 p.m. Pacific, 5 p.m. Eastern. The call, which will be streamed via the investor webpage, will see the executives discuss the results for the three-month period ending in March 2022.

    Apple’s holiday sales usually boost the Q1 results, while the Q2 results are typically lower, incorporating the tail-end of the high-sales period.

    While Apple didn’t introduce new products in the early months of the quarter, it did launch new hardware in March. The new additions include the Mac Studio, the Studio Display, the third-generation iPhone SE, and the M1-equipped iPad Air 5.

    Since the outset of the pandemic, Apple has declined to provide detailed guidance in its quarterly results. It is unclear exactly what Apple expects to earn in Q2 2022.

    Stay tuned for additional details as they become available.

    Via AppleInsider

  • Foxconn’s Shenzhen plant resumes production after

    Foxconn’s Shenzhen plant resumes production after

    The good news is that Foxconn’s Shenzhen, China manufacturing plant is resuming production following a partial lifting of the city-wide lockdown that was initiated on Monday.

    The Taiwanese company told Reuters it had restarted some production and operations at its Shenzhen campus after meeting government conditions for staff to live and work in bubble arrangements and adopting a “closed-loop management” system.

    It’s unknown as to which Apple products Foxconn produces at its two Shenzhen plants, although Foxconn is the largest maker of the iPhone. Manufacturers in Guangdong province, home to Shenzhen, said factory shutdowns have caused lags in deliveries, while logistical difficulties were making it harder to ship goods to overseas customers.

    Foxconn on Wednesday stated that 2022 would be “challenging” for the supply chain and forecast up to a three percent shortfall in revenue for the year as a shortage of chips squeezes smartphone production and the pandemic shows no sign of easing in China.

    Apple said the chip shortage cost it $6 billion in the last quarter of 2021, but predictions remained bullish for this year despite these strains on the global supply chain. That’s despite Foxconn’s warnings that the chip shortage is expected to run into the second half of 2022.

    Stay tuned for additional details as they become available.

    Via MacRumors and Reuters

  • Apple Pay goes live in Argentina and Peru

    Apple Pay goes live in Argentina and Peru

    Users in Peru and Argentina have begun reporting that Apple Pay is now available in other regions. The new system appears to include support from 11 banks across the two countries.

    According to Pisapapeles, Apple Pay is now officially supported by 11 banks.

    • Argentina:
    • Banco de Galicia S.A.
    • Banco Macro S.A.
    • Banco Patagonia S.A.
    • BBVA Argentina
    • Brubank
    • Industrial & Commercial Bank of China (ICBC)
    • Peru:
    • Credit Bank of Peru (BCP)
    • BBVA Bank Peru.
    • International Bank of Peru – Interbank
    • Rappi Bank Peru
    • Scotiabank Peru S.A.A.

    While there has been no official launch from Apple, it’s been noted that several users have been able to add their credit and debit cards to the service.

    Stay tuned for additional details as they become available.

    Via AppleInsider and Pisapapeles

  • Some Russian bank cards no longer functioning with Apple Pay and Google Pay following economic sanctions

    Some Russian bank cards no longer functioning with Apple Pay and Google Pay following economic sanctions

    Following Western sanctions on Russia’s financial institutions in response to last week’s invasion of Ukraine, customers from several of Russia’s largest banks have discovered they can no longer use their debit and credit cards in conjunction with Apple Pay and Google Pay. Among the affected organizations include VTB Group, Sovcombank, Novikombank, Promsvyazbank, and Otkritie FC Bank.

    Customers with these banks can still use their cards to make contactless payments, provided the cards support this feature. Unfortunately, the payments won’t work overseas, and they can’t be used to make online purchases from retailers registered in countries that have imposed sanctions on Russia.

    Apple Pay and Google Pay still have yet to completely catch on in Russia as homegrown options like YooMoney have proven more popular in these markets. According to data from 2020, only 29 percent of Russians reported using Google Pay at the time, while 20 percent said they had used Apple Pay.

    The restrictions aren’t likely to have a dire impact on Russian consumers who have access to alternative banking methods. Still, the possibility of excluding Russian banks from the SWIFT inter banking system could lead to instances of currency volatility that would further hurt the country’s economy.

    Stay tuned for additional details as they become available.

    Via Engadget, Business Insider, and The Verge