APPLE STOCK

Apple reports Q2 2023 earnings: $94.8 billion revenue, new records for Services and iPhone


Apple has officially reported earnings for Q2 2023, posting quarterly revenue of $94.8 billion, down 3% year-over-year. Earnings-per-share came in at $1.52, unchanged year-over-year. Net profit for the quarter came in at $24.16 billion.

Apple also set a March quarterly record for iPhone revenue and a new all-time high for Services.

For the quarter, analysts were anticipating revenue of $92.96 billion and earnings-per-share of $1.43. In comparison to last year, net income was down slightly from $25.01 billion to $24.16 billion. Revenue was down from $97.28 billion.

Apple no longer reports unit sales for any of its products, but instead reports a breakdown of revenue by product category. Here is the full breakdown for fiscal Q1 2023, compared to fiscal Q1 2022 numbers.

  • iPhone: $51.33 billion ($48.84 billion estimated)
  • Mac: $7.17 billion ($7.80 billion estimated)
  • iPad: $6.67 billion ($6.69 billion estimated)
  • Wearables, Home, and Accessories: $8.76 billion ($8.43 billion estimated)
  • Services: $20.91 billion ($20.97 billion estimated)

Apple CEO Tim Cook touted the company’s performance in 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, and to have our installed base of active devices reach an all-time high,” said Tim Cook, Apple’s CEO. “We continue to invest for the long term and lead with our values, including making major progress towards building carbon neutral products and supply chains by 2030.”

Apple CFO Luca Maestri echoed Cook:

“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 Luca Maestri, Apple’s CFO. “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.”

You can read Apple’s full earnings release in this post on Apple Newsroom. Stay tuned to that 9to5Mac for more coverage from the AAPL earnings call with Tim Cook and Luca Maestri next. You can also listen live via the company’s Investor Relations website at 2:00 pm PT/5:00 pm ET.

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Naveen Kumar

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