Apple Q2 2023: March Quarter Revenue Down 3%

Summary:

• Apple on Thursday reported $94.8 billion in revenue for its fiscal second quarter of 2023.
• Q2 2023 set a new all-time record for Services revenue.
• The company reported a net income of $24.16 billion for the period.

Apple today announced its fiscal Q2 2023 financial results for the period that ended April 1, 2023, recording a new all-time high for Services revenue and a March quarter record for iPhone revenue.

In total, the iPhone maker reported $94.8 billion USD in revenue for the period, down 3% year-over-year, with earnings per diluted share of $1.52. Apple reported a net income of $24.16 billion for Q2 2023.

“We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment,” said Apple CEO Tim Cook.

“We continue to invest for the long term and lead with our values, including making major progress toward building carbon neutral products and supply chains by 2030.”

Apple reported the following net sales by category:

• iPhone: $51.33 billion
• Mac: $7.17 billion
• iPad: $6.67 billion
• Wearables, Home and Accessories: $8.76 billion
• Services: $20.91 billion

Apple’s Services revenue for the second quarter not only topped the $20.77 billion it reported in the previous quarter but also set a new record for the segment.

The tech giant handily exceeded average Wall Street estimates of $92.96 billion in revenue for the quarter. According to Cook, the company now has an all-time high global installed base of active devices across all major product categories.

“Our year-over-year business performance improved compared to the December quarter, and we generated strong operating cash flow of $28.6 billion while returning over $23 billion to shareholders during the quarter,” said Apple CFO Luca Maestri.

“Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $90 billion for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.”

As of the end of the second quarter, Apple has roughly $24.69 billion in cash and cash equivalents.

Apple said its board of directors has declared a cash dividend of $0.24 per share of the company’s common stock. The dividend will be payable on May 18, 2023, to shareholders of record as of the end of the business day on May 15, 2023.

Apple is gearing up to unveil all-new hardware, including the company’s first mixed-reality headset and a 15-inch MacBook Air, at this year’s Worldwide Developers Conference (WWDC) next month.

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