PRESS RELEASE May 4, 2023
Services revenue reaches new all-time high
iPhone revenue sets March quarter record
CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2023 second quarter ended April 1, 2023. The Company posted quarterly revenue of $94.8 billion, down 3 percent year over year, and quarterly earnings per diluted share of $1.52, unchanged year over year.
“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.”
“Our year-over-year business performance improved compared to the December quarter, and we generated strong operating cash flow of $28.6 billion while returning over $23 billion to shareholders during the quarter,” said Luca Maestri, Apple’s CFO. “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $90 billion for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.”
Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 18, 2023 to shareholders of record as of the close of business on May 15, 2023. The board of directors has also authorized an additional program to repurchase up to $90 billion of the Company’s common stock.
Apple will provide live streaming of its Q2 2023 financial results conference call beginning at 2:00 p.m. PT on May 4, 2023 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
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As an expert with a deep understanding of the technology and business landscape, particularly within the realm of consumer electronics and corporate finance, I can provide valuable insights into the information presented in the provided press release from Apple dated May 4, 2023. My expertise is grounded in a comprehensive knowledge of industry trends, financial dynamics, and corporate strategies.
Let's dissect the key concepts mentioned in the press release:
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Financial Performance:
- Apple reported quarterly revenue of $94.8 billion for its fiscal 2023 second quarter, representing a 3 percent decrease year over year.
- Quarterly earnings per diluted share stood at $1.52, unchanged from the previous year.
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Services Revenue:
- Apple highlighted an all-time record in services revenue, showcasing the company's strength in non-hardware segments. Services revenue includes income from offerings such as the App Store, Apple Music, Apple TV+, and other digital services.
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iPhone Revenue:
- Despite the challenging macroeconomic environment, Apple achieved a March quarter record for iPhone revenue. This indicates the resilience and ongoing popularity of Apple's flagship product.
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Installed Base of Active Devices:
- Tim Cook, Apple's CEO, mentioned that the installed base of active devices reached an all-time high. This metric reflects the total number of Apple devices actively in use, emphasizing the company's extensive and engaged user base.
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Strategic Investments and Values:
- Tim Cook highlighted Apple's commitment to long-term investments and leading with values. This includes progress toward building carbon-neutral products and supply chains by 2030, aligning with the growing emphasis on corporate social responsibility.
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Financial Management:
- Luca Maestri, Apple's CFO, emphasized strong operating cash flow of $28.6 billion and the return of over $23 billion to shareholders during the quarter. This showcases Apple's financial strength and effective capital allocation strategy.
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Share Repurchases and Dividend Increase:
- Apple's board of directors authorized an additional $90 billion for share repurchases, demonstrating confidence in the company's future. The quarterly dividend was increased by 4 percent to $0.24 per share.
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Dividend Declaration and Repurchase Program:
- The declared cash dividend of $0.24 per share is payable on May 18, 2023, to shareholders of record as of May 15, 2023. Additionally, a new program to repurchase up to $90 billion of the company's common stock was authorized.
This comprehensive analysis showcases the intricate financial and strategic elements presented in the Apple press release. As an expert in the field, I can further explore specific aspects or provide additional context based on questions or interests related to this topic.
