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Charted: Apple’s Profit of Nearly $100 Billion in 2022



Apple's profit visualized from 2021-2022.

Charting Apple’s Profit of Nearly $100 Billion in 2022

How do Apple’s profits reach almost as high as $100 billion in a single year?

The world’s largest company, and America’s most profitable, earned a massive $394.3 billion in revenue in 2022 against expenditures of $295.5 billion. That gave it a net profit of $99.8 billion, up 5.4% from 2021 and 73% from 2020.

For a more granular look at Apple’s massive profit, Rakshit Jain has visualized Apple’s key financial metrics with data sourced from the company’s 2022 annual report (September 2022).

iPhone Sales Contribute the Most to Apple’s Profit

Out of all of Apple’s revenue streams, it’s clear the iPhone is the company’s cash cow.

From September 2021‒2022, net iPhone sales contributed 52% of the company’s total revenue, dwarfing revenue from other products including the Macbook, Apple Watch, Airpods, and services.

Apple Net Sales2021‒222020‒20212019‒2020
Mac (Macbooks and iMacs)$40,177M$35,190M$28,622M
Wearables, Home, & Accessories$41,241M$38,367M$30,620M
Services (Apple Music, TV, iCloud etc.)$78,129M$68,425M$53,768M

And revenue from iPhone sales is still growing, by 7% from 2021 and nearly 40% compared to 2020. Mac and services such as Apple Music and Apple TV also saw higher growth in 2021-2022, both up nearly 14% year-over-year.

The iPad was the only product that saw a contraction in revenue growth compared to 2021.

Geographically, Apple’s highest net sales came from the Americas, at nearly $170 billion. In contrast, all of Europe, the Middle East, Africa, and India combined for $95 billion in annual net sales.

Apple’s Expenditure and Profitability

On the other side of the balance sheet, cost of sales (the total cost of manufacturing and selling a product or service) was the biggest expense for Apple, coming in at $223.5 billion or 76% of the company’s expenditures.

Apple Expenditures2021‒222020‒212019‒2020
Cost of Sales$223,546M$212,981M$169,559M
Selling, general, and administrative$25,094M$21,973M$19,916M
Provisions for taxes$19,300M$14,527M$9,680M
Other Expenses/(Income)$334M($258M)($803M)

Comparatively, research and development ($26 billion) as well as other operating costs ($25 billion), though both giant figures for most companies, accounted for less than 18% of Apple’s expenditures. And because of this massive windfall, the company’s provisions for income taxes were also a massive $19 billion.

The key to Apple’s profitability is how its strong brand has allowed it to tap into an excellent gross margin percentage. The company’s total gross margin was $171 billion in 2022 or 43.3%, which means for every dollar of revenue earned, Apple made 43 cents in gross profit.

Apple's Gross Margin2021‒20222022 (%)2020‒20212021 (%)

And this figure is even higher when looking at the segmental break-up of gross margins. In the services category (Apple music, TV, iCloud etc.), Apple made almost 72 cents in gross profit for every dollar earned in revenue.

Apple’s Profits in 2023?

Whether Apple will break $100 billion in profit is a question that can only be answered in their next annual statement, due in September 2023.

However, in its latest report, Apple did warn of “downward pressure” on its margins—which will impact profitability in 2023—because of currency fluctuations.

But even if that elusive $100 billion annual profit proves evasive, Apple stock remains a favorite for retail investors and shareholders alike.

Keen to know how Apple’s financials stack up against other tech giants? Check out How Big Tech Revenue and Profit Breaks Down, by Company for comparisons between Amazon, Google, Microsoft and Apple.
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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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Visualizing the Most Sought-After Entry Level Jobs in 2023

Some jobs need a degree, while others don’t. Here are the top 20 most sought-after entry level jobs with and without a degree.



most sought after jobs

The Most Sought-After Entry Level Jobs of 2023

In the fast-paced realm of job hunting, staying ahead of the curve is crucial. And if you are an entry-level job applicant, the pressure is a notch higher.

New entrants in any job market today compete with groundbreaking technology like ChatGPT in addition to their peers. In the United States, these applicants have to also wade through an uncertain labor market, inflation, and long lists of job requirements. has identified the most sought-after entry level positions for applicants both with and without a degree in the U.S., and the year-on-year growth of these job postings.

Most Sought-After Entry-Level Jobs With a Degree

As the U.S. job market recovers from its pandemic slump, some careers are now booming. This in turn has opened up numerous opportunities for entry-level job applicants.

RankJob TitleAverage Annual SalaryChange in Postings
1Outside Sales Representative$60,000+258%
2Transportation Coordinator$47,500+227%
3Quality Auditor$84,500+131%
5Tax Preparer$67,500+123%
6Loan Processor$55,000+100%
7Retention Specialist$50,000+100%
8Network Operations Technician$85,500+94%
9Mental Health Manager$42,000+93%
10Speech-Language Pathologist$60,000+84%
11Geotechnical Engineer$65,000+80%
12Patient Access Manager$90,000+77%
13HR Coordinator$67,500+75%
14Lead Generation Specialist$62,500+73%
15Design Coordinator$55,000+73%
16Pharmaceutical Sales Representative$74,378+71%
17Behavioral Therapist$50,000+68%
18Special Events Coordinator$54,000+67%
19IT Engineer$92,500+67%
20Structural Engineer$90,000+63%

The demand for sales jobs multiplied this year as customer-facing businesses slowly returned to their pre-pandemic levels.

At the top of this list is the job for an Outside Sales Representative. Paying upwards of $60,000, postings for this job have grown by over 250% in a year, making it the most sought-after position for applicants with a degree.

The healthcare industry has secured its place in the top ranks too. Careers including mental health case managers, speech pathologists, behavioral therapists, and patient access managers dominate the Top 20 list.

Let’s not forget about the tech sector. While entry-level network technicians can earn upwards of $85,000 on average, while IT engineers are paid an entry package of over $90,000.

Most Sought-After Entry-Level Jobs Without a Degree

Nearly 65% of the U.S. working population does not have a four-year degree. However, millions of these workers continue to be highly skilled across professions and have a shot at some of the most sought-after entry level jobs in the country.

RankJob TitleAverage Annual SalaryChange in Postings
1Inventory Manager$59,000+189%
2Auto Body Technician$82,500+100%
3Environmental Health and Safety Specialist$65,000+100%
4Salon Manager$41,000+95%
5Drafting Technician$50,000+94%
6Business Analyst$72,500+82%
7Sheet Metal Mechanic$62,140+67%
8Aircraft Maintenance Technician$57,500+64%
9Catering Manager$47,500+56%
10Transportation/Logistics Coordinator$62,500+53%
11Route Sales Representative$50,000+51%
12Rental Agent$45,520+50%
13Distribution Center Coordinator$52,500+47%
14General Maintenance Technician$40,650+46%
15Patient Care Coordinator$43,152+44%
16Forestry Technician$45,760+43%
17Relationship Banker$43,576+43%
18Field Sales Representative$57,018+42%
19Park Ranger$45,912+42%
20Warehouse Receiver$45,000+39%

One example of this job is that of an Inventory Manager. The demand for skilled inventory managers in warehouses and companies post-pandemic has doubled the position’s job share in a year.

One of the highest paying non-degree jobs in this list—Auto Body Technician—can fetch highly-skilled entry-level workers a salary of $82,000 per year.

These jobs don’t seem to require a degree according to Indeed. However, the rising competition for these positions might give the upper edge to applicants with one, especially for jobs on the list such as Business Analyst and Relationship Banker.

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