On Thursday, this week, Apple announced financial results for second quarter of the fiscal year 2022. This quarter ended on March 26, and the report indicates the tech company saw revenue up 9 percent year-over-year, to $97.3 billion. This is a record high, even with quarterly earnings per dilute share equaling $1.52.
According to Apple CEO Tim Cook, the record results seen this quarter is “a testament to [our] relentless focus on innovation and our ability to create the best products and services in the world.”
Indeed, it seems their strategy is working. The Apple board of directors declared a cash dividend, on Apple common stock, of $0.23 per share. That is an impressive increase of 5 percent. The dividend can be payable to shareholders on record as soon as May 12, 2022 once the business day closes on May 9, 2022. In addition, the board of directors has also authorized upwards of $90 billion towards the repurchase of existing shares program. This is definitely in line with the $88.3 billion the company spent on buybacks in 2021.
However, despite the revenue growth, shares of Apple stock fell almost 4 percent in extended trading this week following a warning from Luca Maestri. The Apple CFO has warned that the company now faces a handful of challenges moving forward. As might be anticipated, Covid-19 related supply chain-issues are a major contributor to these challenges. As a matter of fact, Apple anticipates this complication could drag overall sales by at least $4 billion, up to $8 billion. In addition, Apple advises that Apple tech demand is down in China, also mostly due to Covid-related lockdowns.
This is about all the information Apple has been able to release this week. Apple has not yet provided any official revenue guidance since February of 2020. The company cites pandemic-related uncertainty for their inability to offer any kind of proper update.