Apple Q2 2023 results: lower revenue and profit, iPhone record

Apple has published its financial results for the second quarter of its fiscal year 2023. This corresponds to the first quarter (January-March) in our calendar. This is generally the “calmest” time of the year, especially because it happens after Christmas (the busiest time).

Apple Q2 2023 results

Revenue was $94.84 billion, compared to $97.28 billion in the same period a year ago. This represents a decrease of 2.51%. For its part, net profit was 24.16 billion dollars, against 25.01 billion dollars a year earlier, a decrease of 3.4%. Earnings per share were $1.52, unchanged year on year. For their part, analysts expected revenue of $92.96 billion and earnings per share of $1.43. Apple has therefore managed to exceed their expectations.

Here is the detail :

• iPhone: $51.334 billion in revenue (+1.51% compared to the same period a year ago)
• Mac: $7.168 billion (-31.31%)
• iPad: $6.670 billion in revenue (–12.76%)
• Apple Watch and other accessories: $8.757 billion (-0.56%)
• Services (iCloud, Apple Music, App Store, etc.): $20.907 billion (+5.48%)

Following the publication of financial results, the action of Apple is up 1.09% in post-session on the Stock Exchange to 167.60 dollars. Analysts are confident given that Apple reported results above their expectations. In addition, sales for the iPhone had never been so high for a second quarter, so it’s a record. Same speech for the part of the services.

Statements from leaders

Apple CEO Tim Cook:

We are pleased to report an all-time high for Services and an all-time high for iPhone in the March quarter, despite a challenging macro environment, and to see our installed base of active devices reach an all-time high. We continue to invest for the long term and live by our values, including making major strides in creating carbon-neutral products and supply chains by 2030.

Luca Maestri, CFO of Apple:

Our year-over-year business performance improved from the December quarter, and we generated strong operating cash flow of $28.6 billion, while returning more than $23 billion dollars to shareholders during the quarter. Given our confidence in Apple’s future and the value we place on our stock, our Board of Directors has authorized a stock buyback for an additional $90 billion. We are also increasing our quarterly dividend for the eleventh consecutive year.