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Apple Reports 2Q 2023 Results: $24.1B Profit on $94.8B Revenue, New March Quarter Record for iPhone Revenue

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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.

aapl-2q23-line-chart.jpg

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."
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As has been the case for three years now, Apple is once again not issuing guidance for the current quarter ending in June.

aapl-2q23-pie-chart.jpg

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...
Click here to read rest of article...

Article Link: Apple Reports 2Q 2023 Results: $24.1B Profit on $94.8B Revenue, New March Quarter Record for iPhone Revenue
 
Article Link
https://www.macrumors.com/2023/05/04/apple-2q-2023-earnings/
Last edited:
www.cnbc.com

Apple reports better-than-expected quarter driven by iPhone sales

Apple reported earnings after the bell. Here are the results.
www.cnbc.com www.cnbc.com

Key points
  • Apple reported second-fiscal quarter earnings on Thursday that beat Wall Street’s soft expectations for sales and revenue, driven by stronger-than-anticipated iPhones sales.
  • However, Apple’s overall sales fell for the second quarter in a row.
  • “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’s Steve Kovach.
Here’s how the company did versus Wall Street expectations per Refinitiv consensus expectations:

  • EPS: $1.52 vs. $1.43 expected
  • Revenue: $94.84 billion vs. $92.96 billion expected
  • Gross margin: 44.3% vs. 44.1% expected
Apple reported $24.16 billion in net income during the quarter versus $25.01 billion last year. Overall revenue was down 3% from last year’s $97.28 billion in sales.

Here’s how Apple’s individual product lines did versus StreetAccount consensus expectations:

  • iPhone revenue: $51.33 billion vs. $48.84 billion expected
  • Mac revenue: $7.17 billion vs. $7.80 billion expected
  • iPad revenue: $6.67 billion vs. $6.69 billion expected
  • Other Products revenue: $8.76 billion vs. $8.43 billion expected
  • Services revenue: $20.91 billion vs. $20.97 billion expected
 
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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.
Click to expand...
Down 30.77% year-over-year. Not surprised.

@ghanwani

sw1tcher said:
ghanwani said:
They got hit harder than the others but I don’t think they care. I wonder how tablet sales are doing because that’s what a lot of older folks seem to prefer.
Click to expand...
Probably at least a 25% decline.

Luca Maestri said Apple was expecting double digit declines for the quarter during their last earnings call.

For Mac and iPad, we expect revenue for both product categories to decline double digits year-over-year because of challenging compares and macroeconomic headwinds.
Click to expand...
 
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MacRumors said:


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.

aapl-2q23-line-chart.jpg

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.As has been the case for three years now, Apple is once again not issuing guidance for the current quarter ending in June.

aapl-2q23-pie-chart.jpg

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 starts at 2:00 p.m. Pacific - No need to refresh
​

Visit article to see live updates



Article Link: Apple Reports 2Q 2023 Results: $24.1B Profit on $94.8B Revenue, New March Quarter Record for iPhone Revenue
Click to expand...


Booya Apple!
 
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I regret getting a MacBook. There is like no 3rd party apps and I find it so confusing coming from Windows. If they ever come out with a 14" iPad I would get rid of this MacBook and I think a lot of folks will abandon MacBook for an iPad.

Point being MacBook may be on the decline for the future.
 
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vikingjunior said:
I regret getting a MacBook. There is like no 3rd party apps and I find it so confusing coming from Windows. If they ever come out with a 14" iPad I would get rid of this MacBook and I think a lot of folks will abandon MacBook for an iPad.

Point being MacBook may be on the decline for the future.
Click to expand...
So you’d move to a platform with even fewer decent apps?
 
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magicschoolbus said:
Mac sales falling. Maybe they need to revisit their pricing.
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Apple could lower prices by $100-$200 across the board. That's not going to change much when so many people bought new M1 and M2 Macs over the past 2.5 years. People don't normally upgrade their Macs every 2 years, and there's hardly any improvement going from M1 to M2.

Besides, Macs are always on sale... unless you need to BTO
 
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vikingjunior said:
I regret getting a MacBook. There is like no 3rd party apps and I find it so confusing coming from Windows. If they ever come out with a 14" iPad I would get rid of this MacBook and I think a lot of folks will abandon MacBook for an iPad.

Point being MacBook may be on the decline for the future.
Click to expand...
There are no 3rd party apps? Really? Can you be more specific.

I can understood you are confused if you are very used to Windows - but see if you can stick with it for a while and learn. Maybe take some courses.

Also - the decline here is exaggerated. There was pent up demand for the silicon Macs, and there was also this thing called a pandemic. Statistics without context.
 
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Single digit services growth, declining revenue, cratering mac sales. Qualcomm foreshadowing a dropoff in phone sales from their earnings a few days earlier. I'm not sure there's much to celebrate here guys. Where is the growth that justifies 27X forward P/E for a $2.6T stock? This is happening without a recession and peak employment in US, and saturation in China. Will this VR/AR headset be THAT hot? Is India suddenly that rich that a few hundred million new customers will buy an iPhone?

The best story here is the continued buybacks. I definitely wouldn't anticipate another 30% or higher run up here like we've seen. Great stock != great company. Apple is doing really well as a company, but expectations for the stock are unrealistic.
 
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