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

Tim Cook on India, Apple Q2 results, iPhone record quarter and more.

Tim Cook said, "I really feel that India is at a tipping point, and it's great to be there." (Bloomberg)

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.