Tim Cook Expects Apple's September Quarter Revenue Growth to Accelerate Despite 'Pockets' of Softness
Apple today reported its earnings results for the third quarter of the 2022 fiscal year, including revenue of $83 billion and net quarterly profit of $19.4 billion. As usual since the start of the COVID-19 pandemic, Apple did not provide formal revenue guidance for the ongoing quarter, but Apple CEO Tim Cook did help to set expectations.
Cook told CNBC's Steve Kovach that he expects year-over-year revenue growth to "accelerate in the September quarter" compared to the June quarter "despite seeing some pockets of softness" in some areas, including digital advertising across its platforms.
Speaking on Apple's earnings call, Cook said Apple is facing a "cocktail of headwinds" affecting its revenue, including a strong U.S. dollar that is expected to cause a foreign exchange headwind of around $5 billion in the September quarter, along with supply constraints and a loss of business in Russia amid its war on Ukraine. Cook said Apple's Wearables, Home, and Accessories category is also facing macroeconomic headwinds.
Apple reported revenue of $83.4 billion in the September 2021 quarter. On average, analysts expect Apple to report $90 billion revenue in the September 2022 quarter, according to data compiled by Yahoo Finance.
Apple's fourth quarter began June 26 and runs through September 24. The quarter has already included the start of orders for the new MacBook Air with the M2 chip, and it will likely include at least a few days of iPhone 14 pre-orders as well.
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