Apple’s Quarterly Revenue Down By 3% Year Over Year

May 6, 2023 Off By Naveen Victor

Apple has released its financial results for its fiscal 2023 second quarter ended April 1, 2023. Cupertino achieved a quarterly revenue of $94.8 billion, which is 3% lower year over year. Its quarterly earnings per diluted share of $1.52 remains unchanged year over year.

There’s a silver lining to the less than stellar performance. Apple reported an all-time record for its Services and iPhone sales. In fact, its install base has hit an all-time high, which says a lot about its customer loyalty.

“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.” said Tim Cook, Apple’s CEO.

The company generated operating cash flow of $28.6 billion while returning over $23 billion to shareholders during the quarter. Apple’s board of directors has declared a cash dividend of $0.24 per share of Cupertino’s common stock, which is an increase of 4%.

The board also authorized an additional program to repurchase up to $90 billion of Apple’s common stock. If you would like to hear to know more details about this, listen to the company’s earnings call at apple.com/investor/earnings-call. The webcast will be available to the public for about two weeks from 4th May 2023.