Apple's Greater China Revenue Increases 6% in Fiscal …

Image Source : China Visual

BEIJING, October 28 (TMTPOST) — Apple raked in US$15.47 biilion in revenues from Greater China, which accounted for 17.165 of its global revenues, according to its financial results for the fiscal 2022 fourth quarter released on Thursday.

The company's total revenue was US$90.146 billion, up 8.14% year-on-year. The global net profit was $20.721 billion, up 0.83% year-on-year.

The quarterly results exceeded market expectations. According to Yahoo Finance, for the fiscal fourth quarter, analysts expected revenue of $88.9 billion and diluted earnings per share of $1.27. In the current quarter, Apple's diluted earnings per share were $1.29.

Apple’s iPhone and service revenue, including music and streaming media, were slightly lower than expected. iPhone and service revenue for the quarter were $42.6 billion and $19.2 billion, up 9.67% and 4.98% year-on-year, respectively. According to Bloomberg's previous statistics, analysts expect these two parts of the revenue to be $42.7 billion and $20 billion, respectively.

As Apple’s revenue pillar, iPhone contributed 47 percent of total revenue in the fourth quarter. In the post-earnings conference call, Apple CEO Tim Cook said that the quarter's iPhone sales growth of nearly 10 percent year-on-year was based on a 39 percent increase in iPhone sales in the previous fiscal year. The actual demand for iPhones was better than earlier expectations.

Service revenue is Apple's second-largest source of revenue, accounting for more than 21 percent of total revenue in the quarter. The company announced on Monday that its music platform Apple Music, and streaming platform Apple TV+, as well as Apple One, an allinone subion that bundles up to six Apple services, have seen a price increase. Among those platforms, the price of Apple TV+ increased the most, with an individual monthly fee rising from $4.99 to $6.99.

Apple CFO Luca Maestri said digital advertising and games are relatively weak in generating revenue growth. There are more than 900 million paid subscribers to service offerings, which has doubled in the past three years.