Cupertino (California), Feb 3 – Apple has announced its financial results for its fiscal 2023 first quarter that ended December 31, 2022, in which the tech giant revealed that it has crossed two billion active devices.
The company also reported quarterly revenue of $117.2 billion, a 5 per cent decrease year over year, and quarterly earnings per diluted share of $1.88.
“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” Tim Cook, Apple’s CEO, said in a statement.
“During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base,” Cook added.
Apple’s board of directors has declared a cash dividend of $0.23 per share of the company’s common stock.
Shareholders with records as of the close of business on February 13 will receive the dividend on February 16, the iPhone maker said.
“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” said Luca Maestri, CFO, Apple.
“We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans,” Maestri added.
Apple sets all-time sales record in India, retail store soon: Tim Cook
Apple has set another all-time revenue record for the India market, along with quarterly records in Brazil and India, its CEO Tim Cook has said.
In the analysts’ call after posting its quarterly results, Cook said late on Thursday that looking at the business in India, “we set a quarterly revenue record and grew very strong double digits year over year and so we feel very good about how we performed”.
“That’s despite the headwinds that we talked about. India is a hugely exciting market for us and a major focus. We brought the online store there in 2020. We will soon bring Apple Retail there,” Cook announced.
Apple is set to launch its own-branded first brick-and-mortar store in Mumbai anytime soon.
On the opportunity in India post-pandemic, Cook said, “We actually did fairly well through Covid in India and I’m even more bullish now, hopefully on the other side of it”.
“That’s the reason why we are investing there by bringing retail there, bringing the online store there and putting out a significant amount of energy there. I’m very bullish on India,” Cook added.
“We are putting a lot of emphasis on the market. There’s been a lot going from financing options and trade-ins to make products more affordable and give people more options to buy,” said Apple CEO.
Luca Maestri, Apple’s Chief Financial Officer, said that the growth is coming from every major product category and geographic segment, “with strong double digit increases in emerging markets such as Brazil, Mexico, India, Indonesia, Thailand and Vietnam.”
Apple sold 2 million iPhones in India in the holiday quarter (Q4) of 2022, registering 18 per cent growth (quarter-on-quarter) for its flagship device.
The India market share of iPhones reached 5.5 per cent for 2022, an 11 per cent growth (year-on-year).
According to the latest CMR data, iPhone 14 series logged 59 per cent market share in Q4 2022, followed by iPhone 13 series at 32 per cent growth.