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Apple reports third quarter results are down 1% YoY

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Apple reports third quarter results are down 1% YoY

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In a recent announcement, Apple reported its fiscal 2023 third quarter results, revealing a slight dip in performance. The tech giant’s quarterly revenue stood at $81.8 billion, marking a 1% decrease from the previous year. Despite this minor setback, the company’s quarterly earnings per diluted share saw a 5% increase year over year, demonstrating resilience in the face of adversity.

Quarterly revenue of $81.8 billion

Apple’s CEO, Tim Cook, shed light on the company’s performance, highlighting an all-time revenue record in Services during the June quarter. This impressive feat was propelled by over 1 billion paid subscriptions, a testament to the company’s robust customer base. Cook also underscored the company’s strong sales in emerging markets, with the iPhone being a particularly popular product.

“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Tim Cook, Apple’s CEO. “From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”

Apple’s CFO, Luca Maestri, echoed Cook’s optimism, noting an improvement in the company’s year-over-year business performance from the March quarter. This positive trend was further evidenced by the company’s active devices reaching an all-time high in every geographic segment, underscoring the global appeal of Apple’s products.

Fiscal 2023 third quarter ended July 1, 2023

“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”

The Apple results also revealed a strong operating cash flow of $26 billion during the quarter. The company demonstrated its commitment to its shareholders by returning over $24 billion to them, while simultaneously investing in long-term growth plans. This balance between rewarding shareholders and investing in the future is a hallmark of Apple’s strategic approach.

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Cash dividend of $0.24 per share

Further sweetening the deal for shareholders, Apple’s board of directors declared a cash dividend of $0.24 per share of the company’s common stock. This dividend is payable on August 17, 2023, marking a significant date for those invested in the company.

To ensure transparency and keep stakeholders informed, Apple will live stream its Q3 2023 financial results conference call on August 3, 2023. A replay of this call will be available for approximately two weeks thereafter, providing ample opportunity for those interested in the Apple results to gain a comprehensive understanding of the company’s performance.

In conclusion, while the Apple results for the third quarter of fiscal 2023 showed a slight decrease in revenue, the company’s overall performance demonstrated resilience and growth potential. With strong sales in emerging markets, a record number of active devices, and a robust operating cash flow, Apple continues to be a formidable player in the tech industry.

Source: Apple

Filed Under: Apple, Top News

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