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what steps you might be taking to improve affordability of Apple products?
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2022 Q3
31 Jul 22
Indonesia and Vietnam and India, where we did quite well
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2022 Q3
31 Jul 22
the beginning of creating the market there for Apple products.
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2022 Q3
31 Jul 22
we continue to execute across some significant geographies where there's a very low penetration of iPhone.
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2022 Q3
31 Jul 22
We ended the quarter with $179 billion in cash and marketable securities. We repaid $3 billion in maturing debt while increasing commercial paper by $4 billion, leaving us with total debt of $120 billion.
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2022 Q3
31 Jul 22
China had very good results on Services last quarter.
And so they grew strong double digit better than the company average
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2022 Q3
31 Jul 22
I mentioned in my prepared remarks that we expect some deceleration from the 12% that we've had in the June quarter.
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2022 Q3
31 Jul 22
we're going to accelerate revenues in the September quarter as compared to the June quarter and will decelerate on the Services side.
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2022 Q3
31 Jul 22
Then the second lever is the customer engagement.
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2022 Q3
31 Jul 22
The first one is installed base.
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2022 Q3
31 Jul 22
there's a number of levers in our Services business to take into account.
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2022 Q3
31 Jul 22
Specifically related to Services, we expect revenue to grow but decelerate from the June quarter due to macroeconomic factors and foreign exchange.
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2022 Q3
31 Jul 22
Products gross margin was 34.5%, down 190 basis points sequentially, mainly driven by seasonal loss of leverage, mix and FX. Services gross margin was 71.5%, down 110 basis points sequentially due to a different mix and foreign exchange.
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2022 Q3
31 Jul 22
Company gross margin was 43.3%, down 40 basis points from last quarter as seasonal loss of leverage and unfavorable foreign exchange were partially offset by favorable mix.
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2022 Q3
31 Jul 22
as you've seen over the last year, we've had a significant expansion in gross margins in spite of very difficult economic circumstances from COVID to inflation, interest rates going up and our margins have expanded.
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2022 Q3
31 Jul 22
over time, those hedges roll off and so it becomes more challenging for us.
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2022 Q3
31 Jul 22
strong dollar tends to be a headwind for us.
As you know, we have a hedging program and so we mitigate that impact.
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2022 Q3
31 Jul 22
we'll continue to hire people and invest in areas, but we are being more deliberate in doing so in recognition of the realities of the environment.
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2022 Q3
31 Jul 22
We think that the net of that was still a negative, but some of it did rebound by June time frame.
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2022 Q3
31 Jul 22
We did see a lower demand based on the COVID lockdowns in the cities the COVID lockdowns affected. And we did see a rebound in those same cities toward the end of the quarter in the June time frame.
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2022 Q3
31 Jul 22