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Apple’s revenue decreased 3% in the first quarter, but company’s earnings were unchanged at $1.52 per share

Autor: Financial Market
2 min

Apple announced financial results for the second quarter of fiscal year 2023, which ended April 1, 2023. The company reported 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 a new record for services and a record for iPhone in the March quarter, despite the challenging macroeconomic environment, and that our installed base of active devices reached a new all-time high,” said Tim Cook, Apple CEO.

„We continue to invest for the long term and align with our values, including making great progress toward carbon neutral products and supply chains by 2030.”

„Our business results improved from the December quarter, and we generated strong operating cash flow of $28.6 billion while returning more than $23 billion to shareholders,” said Luca Maestri, Apple CFO.

„Given our confidence in Apple’s future and the value we see in our stock, our board has authorized an additional $90 billion in share repurchases. We are also increasing our quarterly dividend for the eleventh consecutive year.

The iPhone maker announced Thursday that it ended the first quarter with cash and saleable investments of $57 billion, more than its debt.

But more money is coming in every minute, too. Analysts expect Apple to generate free cash flow of about $100 billion over the next four quarters, net of capital expenditures, according to Refinitiv.

That’s almost enough to cover the recently raised dividend for one year and the $90 billion buyback program without touching the balance sheet.

In addition, the company is selling iPhones and services faster and faster than it pays its suppliers, which increases its cash cushion.

Apple’s board of directors declared a cash dividend of $0.24 per share of the company’s common stock, a 4 percent increase. The dividend is payable on May 18, 2023, to shareholders of record at the close of business on May 15, 2023. The Board of Directors also authorized an additional program to repurchase up to $90 billion of the company’s common stock.