Apple Reports 2Q 2023 Results: $24.1B Profit on $94.8B Revenue, New March Quarte...

Apple today announced financial results for its second fiscal quarter of 2023, which corresponds to the first calendar quarter of the year.

For the quarter, Apple posted 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. Apple set a new all-time record for Services revenue at $20.9 billion and a new March quarter record for iPhone revenue at $51.3 billion, but the Mac in particular saw a significant year-over-year decline in quarterly revenue, falling from $10.4 billion to $7.2 billion.

Gross margin for the quarter was 44.3 percent, compared to 43.7 percent in the year-ago quarter. Apple's board of directors also authorized an additional $90 billion for share repurchases and declared an increased dividend payment of $0.24 per share, up from $0.23 per share. The dividend is payable May 18 to shareholders of record as of May 15.

"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."

As has been the case for three years now, Apple is once again not issuing guidance for the current quarter ending in June. Apple will provide live streaming of its fiscal Q2 2023 financial results conference call at 2:00 p.m. Pacific, and MacRumors will update this story with coverage of the conference call highlights.

Conference call recap ahead...
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Article Link: Apple Reports 2Q 2023 Results: $24.1B Profit on $94.8B Revenue, New March Quarter Record for iPhone Revenue