Apple Q2: CEO Tim Cook on India, all-time record for Services and March quarter record for iPhone

In its financial results for the fiscal 2023 second quarter ended April 1, 2023, Apple today reported a quarterly revenue of $94.8 billion, which was down 3 percent year over year. However, the quarterly earnings per diluted share of $1.52, is unchanged year over year.

Tim Cook said, "Today, we're reporting revenue of $94.8 billion for the March quarter, which was better than our expectations. We set an all-time record for Services and a March quarter record for iPhone. We were particularly pleased with the performance we saw in emerging markets and achieved all-time records in Mexico, Indonesia, the Philippines, Saudi Arabia, Turkey and the UAE, as well as a number of March quarter records, including in Brazil, Malaysia and India."

As for the highlights of the quarter, Cook said,"In a milestone for Apple, we just opened our first two Apple stores in India, in Mumbai and Delhi. I was there to see it for myself, and I couldn't have been more delighted by the excitement and enthusiasm of the customers, developers, creators and team members I got to spend time with.”

Apart from this, Cook also elaborated on the expanding business in India. He said, "Looking at the business in India, we did set a quarterly record, grew very strong, double digits year-over-year. So it was quite a good quarter for us, taking a step back, India is an incredibly exciting market. It's a major focus for us. I was just there, and the Dynamism in the market, the vibrancy is unbelievable. Overall, I couldn't be more delighted and excited by the enthusiasm I'm seeing for the brand there. There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it's great to be there.”

Apple result

Cook said, “We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high.”

Luca Maestri, Apple CFO, added, “Our year-over-year business performance improved compared to the December quarter, and we generated strong operating cash flow of $28.6 billion while returning over $23 billion to shareholders during the quarter.”

He averred, “Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $90 billion for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.”

Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock, an increase of 4 percent.