It was a 3 percent drop for the quarter, but the numbers still looked good.
Apple on Thursday officially reported earnings for Q2 2023, posting quarterly revenue of $94.8 billion, down 3 percent year-over-year. Earnings-per-share came in at $1.52, unchanged year-over-year. Net profits 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.
While Apple no longer reports unit sales for any of its products but instead reports a breakdown of revenue by product category. The full breakdown for the fiscal Q1 2023, compared to fiscal Q1 2022 numbers, went as follows:
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 offered the following comments regarding the financial report:
“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. 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 CFO Luca Maestri offered the following:
“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.”
Stay tuned for additional details as they become available.