Apple today officially announced its financial results for the second fiscal quarter of 2023, covering the first calendar quarter of 2023, spanning January, February, and March.

Apple reported $94.8 billion in revenue with a net profit of $24.1 billion, equal to earnings of $1.52 per diluted share. Compared to the same quarter a year ago, Apple posted $97.3 billion in revenue and $25 billion in net profit, equal to earnings of $1.52 per diluted share. Total gross margin of hardware and services stood at 44.3%, compared to 43.7% in the same quarter a year ago.

The posted revenue represents a decline of roughly 3% year-over-year, better than expected market consensus. Services set a new all-time revenue record, while iPhone revenue posted a new record of any second fiscal quarter. Mac and iPad sales fell below expectations, however.

Apple reports a revenue breakdown by product category instead of unit sales. Revenue breakdown per category for fiscal Q2 2023 compared to Q2 2022 is as follows:

• iPhone: $51.3 billion vs. $50.57 billion
• Mac: $7.17 billion vs. $10.43 billion
• iPad: $6.67 billion vs. $7.65 billion
• Wearables, Home and Accessories: $8.76 billion vs. $8.81 billion
• Services: $20.81 billion vs. $19.82 billion

Apple’s board of directors authorized a cash dividend payment of $0.24 per share, payable on May 18 to shareholders of record as of May 15. Once again, Apple is not providing an earnings forecast for the current fiscal Q3 2023.

Apple CEO Tim Cook and CFO Luca Maestri had the following to say regarding the company’s performance:

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. 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 CEO Tim Cook

“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. Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $90 billion for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.

Apple CFO Luca Maestri

AAPL stock reacted positively to the posted earnings, now trading at $174.12 representing a roughly 5% increase from yesterday.