Apple has announced its financial results for the second quarter of fiscal 2023, with quarterly revenue of $94.8 billion, a 3% decrease year over year, and quarterly earnings per diluted share of $1.52, unchanged year over year. Despite the challenging macroeconomic environment, Apple achieved an all-time record in Services and a March quarter record for iPhone sales.
Apple CEO Tim Cook expressed satisfaction with the company’s performance, stating that the active devices’ installed base reached an all-time high. Apple continues to invest in long-term growth and lead with its values, including significant progress toward building carbon-neutral products and supply chains by 2030.
Apple CFO Luca Maestri highlighted the company’s improved year-over-year business performance compared to the December quarter. Apple generated a strong operating cash flow of $28.6 billion while returning over $23 billion to shareholders during Q2 2023.
Given the company’s confidence in its future and the value it sees in its stock, Apple’s board has authorized an additional $90 billion for share repurchases. The board is also raising the quarterly dividend for the eleventh consecutive year.
Apple’s board of directors has declared a cash dividend of $0.24 per share of the company’s common stock, a 4% increase. 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.
For small business owners, these results indicate a continued demand for Apple products and services, making it essential to stay updated on the company’s innovations and offerings to remain competitive in the market.
This article, “Apple Financials: Services Revenue Hits All-Time High” was first published on Small Business Trends