Apple Beats Targets as Quarterly Sales Drop 3%, Services Revenue Hits Record $20.9 Billion
04.05.2023 - 20:51
/ variety.com
Todd Spangler NY Digital Editor Apple’s revenue declined again in the March 2023 quarter, marking its second consecutive quarterly drop in sales. But the tech giant topped Wall Street forecasts, with its services business hitting a new record for revenue and iPhone sales up 1.5%. The company reported revenue of $94.8 billion, down 3%, and net income of $24.2 billion (or $1.52 per share) for the quarter ended April 1, which is Apple’s Q2 of fiscal 2023. Financial analysts expected revenue of $92.96 billion and earnings of $1.43 per share for the quarter, per Refinitiv data. Apple’s Services revenue rose 5.5%, to $20.9 billion, just a hair above $20.8 billion for the year-end 2022 quarter. The segment includes the App Store, Apple Pay, and subscription services such as Apple TV+, Apple Music and iCloud.
Click here to sign up for Variety’s free Strictly Business newsletter covering earnings, financial news and more. “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,” CEO Tim Cook said in announcing the March quarter results. “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.” Apple also announced that its board authorized an additional $90 billion for share repurchases and declared a cash dividend of 24 cents per share (an increase of 4%). Next month Apple is hosting its annual Worldwide Developers Conference (WWDC) in Cupertino, Calif. The event, which runs June 5-9, is rumored to feature the company’s long-awaited mixed-reality headset,
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