Apple’s iPhone revenue crosses 200 billion in 2022

In fiscal 2022, Apple’s top grossing product iPhone had net sales worth more than $200 billion for the first time in the company’s history. Apple generated $205.5 billion from the sales of iPhone in fiscal 2022, which was around $13.5 billion higher compared to the previous fiscal. The company has experienced year over year increase of 8% in its total net sales in 2022.

In the latest fiscal, the company has experienced increase in the net sales across all product categories except the iPad. iPad sales of the company were more than $2.5 billion lower compared to the previous fiscal. While iPhone sales accounted for around 52% of the company’s net sales in 2022, services accounted for 20% of its total net sales. The company also experienced impressive growth in the sales of Mac and wearables.

During the last quarter of fiscal 2022, the company generated $42.6 billion from the sales of iPhone compared to $38.9 billion in the same quarter of the previous year. Apple’s iPhone revenue was the highest during the first quarter of 2022, when the company generated $71.6 billion from iPhone sales. The company had experienced around $6 billion YoY growth in its revenue from iPhone sales in the first quarter of 2022. Its iPhone net sales in Q1 2021 remained $65.6 billion.

In the second quarter of 2022, iPhone revenue of the company remained $50.6 billion compared to $47.9 billion in the same quarter of 2021. Apple’s iPhone revenue in the third quarter of 2022 was $40.7 billion compared to $39.6 billion in the third quarter of the prior year.

iPhone sales accounted for around 47% of the company’s total net sales in the fourth quarter of 2022, when the company had $90.15 billion in net sales, 9% YoY growth.

The following table shows the net sales of iPhone in 2021 and 2022 for each quarter and the annual sales. The amounts are in millions.

Apple's net income remained flat in Q4 2022 compared to the last year. Its annual net income however, grew to $99.8 billion compared to $94.7 billion in the prior year. 

In both 2021 and 2022, iPhone accounted for around 52% of the total net sales of Apple. However, the share of services in its total net revenue improved slightly rising to 20% from 19% in the prior year. The company has increased its spending on research and development in 2022. It spent 7% of the annual revenue on R&D in 2022 or $26,251 million which was 20% or $4,337 million higher than the prior year. The demand for Apple's premium hardware continues to remain strong in 2022.