Apple today announced its fiscal second-quarter 2023 (first calendar quarter) revenue results. It reported revenue of $94.8 billion and net quarterly profit of $24.1 billion, or $1.52 per diluted share, compared to revenue of $97.3 billion and net quarterly profit of $25.0 billion, or $1.52 per diluted share, in the year-ago quarter.
“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 toward building carbon-neutral products and supply chains by 2030.”
“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.”
Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 18, 2023 to shareholders of record as of the close of business on May 15, 2023. The board of directors has also authorized an additional program to repurchase up to $90 billion of the Company’s common stock.
As they’ve done for the past several straight quarters, Apple is once again not issuing any guidance for the current quarter, which ends in June.
Jesse Cohen, senior analyst at Investing.com says solid iPhone demand helped Apple offset weaknesses in other areas of its business”
“Apple reported a solid quarter, highlighting the durability of the company’s brand as the iPhone giant continues to grow its customer base.
“Solid demand growth for its lineup of high-end iPhones helped offset incremental weakness in other areas of the business.
“The earnings beat suggests that Apple’s premium smartphone business may be insulated from concerns about deteriorating consumer confidence and a worsening macroeconomic outlook.
“Even with a soft outlook, Apple’s strong fundamentals and its reputation for high-margin device sales may benefit the company going forward.
“Like other major tech companies, even Apple is suffering from the negative impact of a worsening macro backdrop and ongoing supply chain woes, though it has done a better job of navigating through the challenging environment.”
