Apple, the tech giant based in Cupertino, California, announced its financial results for the second quarter of fiscal year 2023, which ended on April 1, 2023. The company reported quarterly revenue of $94.8 billion, a drop of 3 percent year over year. However, this was still higher than the Wall Street estimate of $92.6 billion, according to data from Bloomberg.
In addition, Apple’s adjusted earnings per diluted share were reported as $1.52, which was also higher than the expected $1.43. The company’s iPhone revenue came in at $51.3 billion, surpassing the expected $48.9 billion. Services revenue was $20.9 billion, slightly below the expected $21.1 billion. Mac revenue was $7.1 billion, while iPad revenue was $6.6 billion, both lower than the estimated figures of $7.7 billion and $6.7 billion, respectively. Wearables revenue was $8.7 billion, higher than the estimated $8.5 billion.
Despite the challenging macroeconomic environment, Apple CEO Tim Cook expressed his satisfaction with the company’s performance in the second quarter. He highlighted the all-time record in services and a March quarter record for the iPhone. Furthermore, the company’s installed base of active devices reached an all-time high. Cook also emphasized that Apple continues to invest for the long term and lead with its values, including making significant progress toward building carbon-neutral products and supply chains by 2030.
Apple’s CFO, Luca Maestri, noted that the company generated strong operating cash flow of $28.6 billion while returning over $23 billion to shareholders during the quarter. The board of directors authorized an additional $90 billion for share repurchases, indicating the company’s confidence in its future and commitment to creating value for shareholders. The board of directors also raised the quarterly dividend for the eleventh year in a row, declaring a cash dividend of $0.24 per share of the company’s common stock, an increase of 4 percent.
Investors should keep an eye on Apple’s future announcements and continue to monitor the company’s performance. Apple’s financial results demonstrate its resilience amid tough economic conditions, exceeding Wall Street’s expectations. The live streaming of the Q2 2023 financial results conference call is available on the company’s website for approximately two weeks thereafter.
