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Apple has posted a staggering $94.8 billion in revenue in its second quarter of 2023, thanks to better-than-expected iPhone sales. This figure is slightly down from the $97.28 billion reported in the same period last year. However, it is a vast improvement from the first quarter of 2023, where the company recorded $117.15 billion, the first year-on-year quarterly drop in revenue since 2019.
Analysts had predicted that the technology giant would bring in $92.94 billion in revenue, with earnings per share (EPS) of $1.43. However, Apple exceeded these expectations, posting an EPS of $1.52 for the quarter, the same as the year-ago results.
The iPhone remains the company’s most significant earner, contributing $51.3 billion in revenue for the quarter, up from $50.6 billion in the second quarter of 2022. Meanwhile, Mac revenue dropped from $10.4 billion to $7.2 billion, and iPad saw a year-on-year decline from $7.6 billion to $6.7 billion.
Services continued to grow, reaching $20.9 billion, up from $19.8 billion in Q2 2023. Wearables, Home, and Accessories experienced a slight contraction, declining from $8.8 billion to $8.76 billion year-on-year.
Apple’s CEO, Tim Cook, said in a statement that the company was “pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment.” Cook also said that the company would continue to invest long-term, including making significant progress toward building carbon-neutral products and supply chains by 2030.
Luca Maestri, Apple’s CFO, pointed out that year-on-year business performance had improved compared to the December quarter. He added that the company had generated a strong operating cash flow of $28.6 billion and had returned over $23 billion to shareholders. As a result, the company’s Board has authorized an additional $90 billion for share repurchases, and the quarterly dividend has been raised for the eleventh year.
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Apple has a history of declining to offer detailed guidance on its future quarterly results, and this practice continues. Following the release of the results, more information about the company’s quarter will be released as part of the analyst call.
The post-holiday quarter saw several launches and updates, including the M2 and M2 Pro Mac mini, the M2 Pro and M2 Max 14-inch MacBook Pro and 16-inch MacBook Pro, and a second-generation HomePod. The company has not disclosed specific sales figures for these products.