Apple reported its second-quarter 2023 results on Thursday, posting revenue of $94.8 billion for the quarter, a 3% year-over-year decline and quarterly diluted earnings per share of 1 $.52, unchanged from last year.
Apple beat analysts’ expectations for revenue of $92.96 billion and earnings per share of $1.43.
Mac sales were the hardest hit, posting net revenue of $7.2 billion, down 31% from the same quarter last year. iPad revenue also fell 13% to $6.7 billion. Apple, however, said the Mac and iPad hit all-time highs for their installed bases worldwide, but the company didn’t provide numbers.
Apple Wearables, Home and Accessories sales were flat at $8.76 billion this quarter, down from $8.8 billion.
However, Apple’s services continue to grow, with net revenue of $20.9 billion this quarter, a new all-time high for the company and a 5.5% increase from the second quarter of 2022. iPhone net revenue increased 1.5% and set a record for the March quarter.
“We are delighted to report an all-time high in Services and a March quarter record for iPhone despite the challenging macro environment, and to see our installed base of active devices reach an all-time high,” said the Apple CEO Tim Cook in a statement. Press release. “We continue to invest for the long term and be at the forefront of our values, including making major strides towards creating carbon-neutral products and supply chains by 2030.”
Here’s how the quarter ended for Apple:
- iPhone: $51.3 billion (down from $50.6 billion previously)
- iPads: $6.7 billion (from $7.6 billion)
- Mac: $7.2 billion (from $10.4 billion)
- Wearables: $8.76 billion (from $8.8 billion)
- Services: $20.9 billion (from $19.8 billion)
Regarding the guidance for the third quarter of 2023, Apple expects results similar to those of the second quarter, assuming conditions do not change.
