The overall smartphone industry may have had a shipment decline for the first quarter of 2023. However, don"t tell that to Apple. The folks at Cupertino actually had better sales of its iPhone than it predicted.
This was revealed as part of the company"s 2023 fiscal second-quarter financial results, for the period that ended April 1, 2023. The iPhone division brought in $51.334 billion for the quarter, which is 2 percent higher than the $50.570 billion it had for the same time period a year ago. Apple CEO Tim Cook stated that it had a "March quarter record for iPhone despite the challenging macroeconomic environment." He added that the number of active Apple devices was at "an all-time high"
Overall, Apple"s revenue was $94.836 billion for the quarter. That was down compared to the $97.278 billion it got from the same period a year ago but it still beat the expectations of financial analysts. Net income was $24.160 billion, again down from the $25.010 billion in income from a year ago.
The overall decline came in part from slower sales of iPad and Mac products. iPad revenue came in at $6.67 billion, down from $7.646 billion from a year ago. Mac sales came in at $7.17 billion, well below the $10.435 billion it got in the same quarter of 2022.
Sales of the company"s other hardware products like the Apple Watch came in at $8.757 billion for the quarter, only slightly down from the $8.806 billion it got from the same period in 2022. On the plus side, Apple"s services revenues, which include app store sales, subscriptions to Apple Music, Apple TV Plus, and more, came in at $20.907 billion, higher than the $19.821 billion it received a year ago.
Apple also announced a share buyback program of $90 billion, and also raised the quarterly dividend payment to shareholders by four percent, to $0.24 a share.