Apple has now officially opened its books and announced its results for the first fiscal quarter of 2023 (fourth calendar quarter of 2022).
Apple now has the books open and released results for the first fiscal quarter of 2023 (fourth calendar quarter of 2022). Side note: Apple's fiscal year starts on October 1st and ends on September 30th. Apple did not announce a revenue forecast at its last quarterly earnings conference either, as the company was unable to provide a realistic estimate due to the ongoing crisis. Apple posted revenue of $117.2 billion and net income of $30.0 billion, or $1.88 per share, in the Christmas quarter, compared to revenue of $123.9 billion and net income of $34.6 billion, or $2.10 per share, in the same quarter last year. Apple's revenue fell by around 5% year-on-year, more than analysts expected, as Apple struggled with delivery problems with the iPhone in particular, but also saw declines in Macs and wearables. Apple boss Tim Cook commented as follows:
Q1/2023: Apple records record sales in service business
We are proud to have the best product and service offering ever and, as always, we are focused on the long term and guided by our values in everything we do. We reached an important milestone in the December quarter and are pleased to now have more than 2 billion active devices in our growing installed base.
Apple’s CFO, Luca Maestri, said:
We set a new revenue record in our services business of $20.8 billion and increased total company revenue on a constant currency basis despite a challenging macroeconomic environment and significant supply constraints. We generated $34 billion in operating cash flow this quarter and returned more than $25 billion to our shareholders as we continue to invest in our long-term growth plans.
Gross margin for the quarter was 43.0 percent, compared to 43.8 percent in the same quarter last year. Apple's board of directors declared a cash dividend of $0.23 per share of the company's common stock. The dividend is payable on February 16, 2023, to shareholders of record as of the close of business on February 13, 2023. As it has done for more than two years, Apple is not providing guidance for the current quarter, which ends in March. (Photo by Phongphan / Bigstockphoto)
