California’s Cupertino Apple released its financial results today for the second quarter of fiscal 2023, which concluded on April 1, 2023. The company reported quarterly earnings per diluted share of $1.52, which was unchanged from the previous year, and quarterly revenue of $94.8 billion, which was down 3 percent year over year.
Apple’s revenue, earnings per share (EPS), and product sales revenue all exceeded market estimates. Though below projections, services business revenue increased 5.5 percent on a yearly basis.
Apple’s iPhone sales
Apple’s iPhone sales increased by 1.5 percent year on year, despite a 15% fall in the overall smartphone sector. The surge in sales also resolved several supply chain concerns that had impeded manufacturing, including as an iPhone factory stoppage in late-2022.
“It was quite a good quarter from an iPhone point of view, particularly relative to the market when you look at the market stats,” Cook told CNBC.
Apple’s only two businesses that expanded year over year were the iPhone and services. Sales of the Mac and iPad were lower than anticipated, owing in part to a scarcity of parts. Due to a large base, Mac sales were also hurt.
Apple’s China regional business, which contains the mainland, Taiwan, and Hong Kong, recorded $17.81 billion in revenue, a decrease from $18.34 billion the previous year. Analysts expected China’s demand for electronics to increase in the third quarter as the company escapes Covid-era lockdowns and other limitations.
Apple anticipates a similar decline in sales of roughly 3% in the current quarter, assuming macroeconomic conditions do not worsen from where they are now. If that happens, it will be the company’s third consecutive quarterly sales decline.
Apple’s board of directors sanctioned a $90 billion share repurchase and increased its dividend by 4% to $0.24 per share.