Apple’s Net Income Decreased in 2022: Apple has released its financial report for the month of October-December 2022. As per the new report, the total revenue and sales made by the company decreased compared to the same time period in 2021. Although Apple’s net income decreased in the last quarter of 2022, the company made significant growth in other areas.
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For example, Apple now has over 2 billion active devices, its iPad sales increased, and it recorded an all-time high revenue in the Services business.
Comparing the new Apple financial report with the report from last year, the company made $123.9 billion in sales in 2021 which is 13% more than the $117.1 billion it made in 2022. A calculation of the net income shows that Apple’s net income decreased from $34.6 billion to $30 billion.
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Apple Net Income in 2022
The table below shows Apple’s net income in 2022 and how it compares to its net income in 2021:
| Devices | End of 2022 (in $ Billion) | End of 2021 (in $ Billion) | Change |
| Sales of iPhone | 65,775 | 71,628 | -8% |
| Sales of Mac | 7,735 | 10,852 | -28% |
| Sales of iPad | 9,396 | 7,248 | +28% |
| Wearables & other sales | 13,482 | 14,701 | -8% |
| Service Sales | 20,766 | 19,516 | +6% |
| Total Sales | 117,154 | 123,945 | -5% |
| Net Income | 29,998 | 34,630 | -13% |
As per the new report, the Apple iPhone is the most popular Apple product as it accounts for more than half of its sales. However, the sales of iPhones were down by about 8% when compared to last year. Sales of its devices were down except for the Apple iPads which jumped almost 30% from $7.2 billion to $9.3 billion.
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According to Apple’s CEO, Tim Cook, the company has “the best lineup of products and services ever”. Apple’s CFO Luca Maestri also said that on paper the revenue might look in decline, but on a constant currency basis, it actually grew. Although Apple’s net income decreased in 2022, the company generated $34 billion in cash flow and managed to return over $25 billion to shareholders, with a $0.23 cash dividend per share.
