“Apple reports second trimester financial results: Record iPhone and services sales, but drop in revenue due to Mac and iPad sales”

Apple has reported its financial results for the second trimester. The company’s quarterly revenue amounted to $94.8 billion (-3% compared to the same period in 2022). Quarterly earnings per diluted share were $1.52, unchanged from the prior year.

Details

The company posted record sales for iPhones in the first three months of the year and record sales for services such as the App Store/Apple Music/Apple Pay/iCloud. The drop in revenue compared to the previous year was mainly due to insufficiently high sales of Macs and iPads.

However, iPhone revenue was $51.3 billion (+2%) year-over-year, and doubled year-on-year in some developed and emerging markets like India, Indonesia and Turkey.

Apple services now account for 975 million paid subscriptions (+150 million). The report also showed over 2 billion active installs.

Tim Cook promised further continuation of investments, incl. into carbon-neutral products and supply chains until at least 2030. Of the $28.6 billion in operating income, $23 billion was used to pay shareholders. The quarterly dividend increase was the eleventh year in a row.

Apple’s board of directors has declared a dividend of 24 cents per share (+4 cents) and approved an additional common share buyback program of up to $90 billion.