2023-05-04 22:29:00
The technology giant Apple
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Reporting its results for the second quarter of 2023, earnings per share stands at $1.52 on revenues of $94.84 billion compared to analysts’ expectations for earnings per share of $1.44 on revenues of $92.94 billion. Revenues decreased by 3% compared to the corresponding quarter last year.
Additionally, the company announces a $90 billion buyback and increases the dividend to $0.24 from $0.23. The revenue from the sale of iPhones was 51.3 billion dollars compared to an expected 49.97 billion dollars. The revenues from services were 20.9 billion dollars compared to the expectation of 21.1 billion dollars.
“We are pleased to report an all-time record in services and a record in iPhone sales for the quarter, despite the challenging macroeconomic environment and the fact that our active device base has reached an all-time high,” said CEO Time Cook. “We continue to invest for the long term and lead with Our values, including major progress towards building carbon neutral products and supply chains by 2030.”
In its previous reports, the company that held the market up surrendered and reported earnings per share of $1.88 on revenues of $117 billion, while analysts were expecting adjusted earnings of $1.94 per share on revenues of $121 billion. In the top line, it was a 6% drop in revenue compared to the corresponding quarter last year, and this was actually the first time since 2019 that Apple recorded a decrease in revenue. The company’s free cash flow fell to $30.2 billion, compared to the expected $34.84 billion.
The reason then for the fall in Apple’s sales was that the demand for mobile computers and various electronic products such as cellular devices, smart watches and iPads decreased significantly in the past year and this had a negative effect on the company’s results. The profit per share in the corresponding quarter was 2.1 dollars per share.
The company’s CEO Tim Cook said at the time on the background of the reports: “We are excited to report that we now have more than 2 billion devices as part of our growth.” CFO Luca Mastri added that the company recorded $24 billion of operating cash flows and that it returned The shareholders have 25 billion dollars during the quarter (through own purchase of shares, buyback).
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