"Proud of our all-time revenue record in Services, continued strength in emerging markets," says Apple CEO, Tim Cook

Apple announced its financial results for the third quarter of fiscal year 2023, which ended on July 1, 2023. The company reported a quarterly revenue of $81.8 billion, showing a 1 percent decrease compared to the same period last year.

| Updated on: Aug 04 2023, 12:18 IST
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Apple Reports Record Revenue and Growth in Q3 2023. (AP)

Apple announced its financial results for the third quarter of fiscal year 2023, which ended on July 1, 2023. The company reported a quarterly revenue of $81.8 billion, showing a 1 percent decrease compared to the same period last year. However, the quarterly earnings per diluted share stood at $1.26, marking a 5 percent increase from the previous year.

Services Division Sets All-Time Revenue Record

The highlight of the quarter was the impressive performance of Apple's Services division, which achieved an all-time revenue record. This success was driven by over 1 billion paid subscriptions. Additionally, Apple witnessed strong sales of the iPhone in emerging markets, contributing to the overall growth.

Tim Cook Expresses Satisfaction with Results

Tim Cook, the CEO of Apple, expressed his satisfaction with the results. He stated, "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." Cook also emphasized the company's commitment to its values and its dedication to innovation that enhances customers' lives and betters the world.

The company's Chief Financial Officer, Luca Maestri, highlighted the improvement in business performance compared to the previous quarter. He revealed that the installed base of active devices reached an all-time high in every geographic segment. Additionally, Apple generated a strong operating cash flow of $26 billion during the quarter. The company continued to invest in long-term growth plans and returned over $24 billion to its shareholders.

Continued Investment in Long-Term Growth

To reward its shareholders, Apple's board of directors declared a cash dividend of $0.24 per share of the Company's common stock. The dividend will be payable on August 17, 2023, to shareholders who are on record as of the close of business on August 14, 2023.

Investors interested in more details about the financial results can access the live streaming of Apple's event. The webcast will be available for replay for approximately two weeks at apple.com/investor/earnings-call.

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First Published Date: 04 Aug, 11:32 IST
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