In Q2-2022 (quarter ended March 2022), revenue grew 9% YoY, and net income grew 6% YoY, exactly in line with our estimates. Raised quarterly dividends by 5% to $0.23 per share (0.6% yield).
Double-digit YoY revenue growth recorded by services (17%), Mac sales (15%), and wearables/home/accessories (12%). iPhone sales, which comprised 52% of revenue, rose by 6%. However, iPad sales declined 2% due to supply chain constraints. Apple’s transition to its own chips instead of Intel processors (NASDAQ: INTC) offset some of the negative impact from supply disruptions.
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