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Apple has revealed its financial results for the first quarter of fiscal 2023, reporting quarterly revenue of $117.2 billion, a 5% decrease compared to the previous year. This marks Apple’s first year-over-year sales decline since 2019, following widespread stock shortages during the holiday shopping season.
The Q1 2023 results also showed a drop in Apple’s market valuation below $2 trillion, with shares declining to their lowest point since June 2021, standing at $125.07. Despite this, the company posted a net quarterly profit of $30.0 billion, compared to the $34.6 billion net quarterly profit in the same quarter the previous year.
However, Apple set an all-time revenue record in its Services business, generating $20.8 billion in revenue. Apple’s CFO, Luca Maestri, noted that the company generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter.
