Apple reports strong second quarter results, setting record for services revenue and iPhone sales

Apple has reported its financial results for the fiscal 2023 second quarter.

The tech giant announced quarterly revenue of $94.8 billion, a 3% decline year over year, and quarterly earnings per diluted share of $1.52, unchanged from last year. However, the company noted that its services revenue reached an all-time high during the quarter, and iPhone revenue set a March quarter record.

Despite the challenging macroeconomic environment, Apple's installed base of active devices reached an all-time high. Luca Maestri, Apple’s CFO, stated:

"Our year-over-year business performance improved compared to the December quarter, and we generated strong operating cash flow of $28.6 billion while returning over $23 billion to shareholders during the quarter."

In addition to the financial results, Apple's board of directors has authorized an additional $90 billion for share repurchases, and the company is raising its quarterly dividend for the eleventh year in a row.

Apple's board of directors has declared a cash dividend of $0.24 per share of the company's common stock, an increase of 4%.

Apple's Q2 2023 financial results conference call will be on May 4, 2023, with live streaming available. The webcast will be available for replay for approximately two weeks thereafter.