Apple Delivered $81.7 Billion in Revenue with iPhone sales slightly down while Services broke a new Record
On Tuesday CNBC reported that "Apple is expected to post its third consecutive quarterly revenue decline when it reports earnings after the bell Thursday. Wall Street expects $81.7 billion in sales, which would be down about 2.3% from last year. CNBC noted that Apple's forecast will be more important. It may provide clues as to whether global economies are set up for a "soft landing" after two years of interest rate hikes. Lastly, the report noted that Wall Street is expecting, per FactSet estimates: $81.7 Billion Revenue with the iPhone coming in at $40.2 Billion revenue.
Apple actually reported late this afternoon revenue of $81.8 billion, down 1 percent year over year, slightly better than CNBC forecast.
Tim Cook, Apple’s CEO: "We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone."
“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”
In a new report after the bell, CNBC noted that "Apple’s performance in greater China, which includes Hong Kong and Taiwan in addition to the mainland, was another highlight." Patently Apple posted a report in July that in Q2-23, Apple's year-over-year growth in China was +6.1%.
Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on August 17, 2023 to shareholders of record as of the close of business on August 14, 2023.