Apple’s Q2 2023 Results
Apple (transcript, Hacker News, MacRumors):
The Company posted quarterly revenue of $94.8 billion, down 3 percent year over year, and quarterly earnings per diluted share of $1.52, unchanged year over year.
“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.
Mac revenue was, as expected, down 31 percent to $7.2 billion—the lowest quarter of Mac revenue since 2020. iPad was down 13 percent to $6.7 billion, the lowest iPad revenue quarter since 2020. iPhone was up 2 percent to $51.3 billion, which given the downward trend elsewhere was pretty impressive—it was a Q2 record for iPhone revenue.
Services revenue soared to an all-time record of $20.9 billion, up 5 percent. Wearables was down by one percent, to $8.8 billion.
Two weeks ago IDC projected Mac sales as being down 40 percent year-over-year, which shows how large IDC’s margin of error is.
No Mac Pro, no larger screen or M2 iMac, and lots of people bought M1 Macs that are still running great.
The lack of new hardware announcements has undoubtedly been another drag on Apple’s earnings. For several years, Apple held a spring press event to debut device updates but not in 2023.
Michael E. Cohen and Adam Engst:
In their conference call with financial analysts, Apple CEO Tim Cook and CFO Luca Maestri said the results were in line with expectations, laying the blame for the slight year-over-year revenue decline on “headwinds” created by foreign exchange and “macroeconomic conditions,” a vague term that covers productivity, interest rates, inflation, employment, and global events.
[…]
Even still, Mac sales were well above any year prior to 2021, which was boosted by the introduction of the M1 chip and people working and learning from home during the pandemic
Previously:
- Browser and OS Marketshare in 2023
- Apple’s Q1 2023 Results
- Apple’s 2022 Deadlines
- Apple’s Q2 2022 Results
