Apple has published its earnings report for the second quarter of 2023 with $94.8 billion in revenue. In comparison to the same quarter the previous year, Apple saw a 3% year-on-year decline. However, its quarterly earnings per diluted share of $1.52 remained unchanged.
For Q2, 2022, Apple recorded an impressive quarter with a revenue record of $97.3 billion with a 9% Y-o-Y and quarterly earnings per diluted share of $1.52.
In spite of macroeconomic challenges, Apple iPhone set March quarter record in Q2, 2023
According to the latest earning report, Service sales set an all-time record, and iPhone sales set a March quarter record in the second quarter of 2023.
- iPhone – $51.334 billion (Up from $50.570 billion for the same quarter the previous year)
- Mac – $7.168 billion (Down from $10.435 billion for the same quarter the previous year)
- iPad – $6.670 (Up from $7.646 billion for the same quarter the previous year)
- Wearable, Home, and Accessories – $8.757 (Slightly down from $8.806 billion for the same quarter the previous year)
- Services – $20.907 (Up from $19.821 for the same quarter the previous year)
While commending an all-time record in Services and a March quarter record for iPhone, the company’s CEO Tim Cook said that challenging macroeconomic conditions were responsible for the decline in revenue 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, 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.”
At the Q2, 2023 earnings call, Cook clarified that supply was not an issue during the quarter. The foreign exchange headwinds impacted the company’s performance.
Although the tech giant’s revenue for Q2, 2023 is lower than Q2, 2022, it is still better than Q1, 2023. With $117.2 billion in revenue, Apple reported a 5% year-on-year decline in the first quarter of 2023: iPhone, Mac, Wearable, Home, and Accessories sales declined. Luca Maestri, Apple’s CFO said:
“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. 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.”
