Published , by Donovan Erskine
Published , by Donovan Erskine
The world’s largest company, Apple (AAPL), has shared its earnings report for Q2 2023. One of the most anticipated releases of the week, the report gave us a clear idea at how Apple’s business performed in the second quarter of its financial year. Good news for Apple, and likely the market at large, Apple beat earnings and revenue expectations.
Apple’s (AAPL) Q2 2023 earnings report was shared in a letter on its Newsroom site. The company’s quarterly revenue was $94.8 billion. Despite being a 3 percent decrease from last year, this is above the Wall Street estimate of $93 billion. Apple’s earnings per diluted share were $1.52, beating the Wall Street consensus $1.43 expectation. Company leadership provided a quote alongside the report.
“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,” said Tim Cook, Apple’s CEO. “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 setting a new record for Q2 iPhone sales is quite significant, as this was likely the driving force behind the company beating expectations. The financial statement PDF reveals that most of Apple’s products, including Macbooks and iPads, were down in year-over-year comparisons.
This quarter, Apple also announced that it’s adding $90 billion to its stock buyback program. For more on Apple’s (AAPL) earnings report, and all of this week’s other financial news, Shacknews has you covered.