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.

Tim Cook M2 MacBook Air
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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Top Rated Comments

CarAnalogy Avatar
24 months ago

The stock holders thank you for buying their high margin products. Tim yacht captain also thanks you.
I'll just choose this one of many similar comments to point out that just about anyone can be an Apple stockholder. It's not like you're buying Berkshire Hathaway for $10,000 a share. If you have any retirement savings at all just buy a couple on the dips and it'll probably be the best investment you can make as a casual investor.
Score: 10 Votes (Like | Disagree)
BellSystem Avatar
24 months ago
The stock holders thank you for buying their high margin products. Tim yacht captain also thanks you.
Score: 10 Votes (Like | Disagree)
CarAnalogy Avatar
24 months ago

Is it me or is Tim Cook looking more muscular?
He finally gave in and subscribed to Fitness+
Score: 8 Votes (Like | Disagree)
alpi123 Avatar
24 months ago

Wait, when did I miss the black MacBook announcement?
It's the new M2 Macbook Air in the Midnight color. Not really black, it's technically blue but depending on the lighting can appear matte black
Score: 7 Votes (Like | Disagree)
BuddyTronic Avatar
24 months ago

Not too surprising:

#1) Of course he's going to say that. I mean he's the CEO on a call with investors.

#2) He's probably correct since the September period will include the M2 MacBook Air and possibly the iPhone, Apple Watch and new iPad initial sales wave (depending on when the announcement and launch take place).

That being said, Apple could be in a tough position come Q4 2022 when the recession is expected to really hit (even if they aren't calling it that right now). It will be interesting to see how Apple keeps sales up during this economic downturn.
Remind me if we get any recession hitting us in 2022. I’m betting it’s nothing much. Inflation hurts but even that is just fuel and some foods type stuff largely.

No layoffs. Many jobs available. This is something different than “recession” I’d say
Score: 5 Votes (Like | Disagree)
goborgh Avatar
24 months ago
..."they expect growth to accelerate in the September quarter...".
Well duh, that's when the new iPhone comes out every year.
Score: 5 Votes (Like | Disagree)