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On Thursday, Apple announced earnings for the second quarter of 2023, reporting revenue of $94.8 billion for the quarter, down 3 percent year-over-year, and quarterly earnings per diluted share of $1.52, not changed compared to last year.
Apple beat analysts’ expectations of $92.96 billion in revenue and $1.43 per share.
Mac sales were hardest hit, with net revenue of $7.2 billion, down 31 percent from the same quarter last year. iPad revenue also fell 13% to $6.7 billion. Apple, however, said that Macs and iPads have reached record levels of installed bases worldwide, but the company did not provide figures.
Sales of wearables, home goods, and Apple accessories were flat this quarter at $8.76 billion, up from $8.8 billion.
However, Apple services continue to grow, with net revenue of $20.9 billion this quarter, a new record for the company and up 5.5% compared to the second quarter of 2022. iPhone net revenue rose 1.5% to set a March quarterly record.
“We are pleased to report record-breaking all-time services and a quarterly record for March for iPhone despite challenging macroeconomic conditions, and that our installed base of active devices has reached an all-time high,” said Apple CEO Tim Cook. Press release. “We continue to invest for the long term and lead in line with our values, including making significant progress towards building carbon neutral products and supply chains by 2030.”
Here’s how the quarter ended for Apple:
- iPhone: $51.3 billion (up from $50.6 billion)
- iPad: $6.7 billion (up from $7.6 billion)
- Poppy: $7.2 billion (up from $10.4 billion)
- Wearable: $8.76 billion (up from $8.8 billion)
- Services: $20.9 billion (up from $19.8 billion)
In terms of guidance for the third quarter of 2023, Apple expects results similar to those of the second quarter, provided that conditions do not change.