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Apple beats analyst estimates, thanks to an all-time record in Services and a March quarter record for iPhone

Apple MacBook Pro M2 Pro M2 Max

Yesterday, after the market closed, Apple reported financial results for second quarter ended April 1, 2023. Apple posted a revenue of $94.8 billion, down 3% YoY, and net income of $24.16 billion.

Apple posted an all-time record in Services revenue and also posted a March quarter record for iPhone despite the challenging macroeconomic environment. Apple CEO Tim Cook highlighted that the installed base of active devices has reach an all-time high.

We continue to invest for the long term and lead with our values, including making major progress toward building carbon neutral products and supply chains by 2030. – Tim Cook

“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,” said Luca Maestri, Apple’s CFO.

Apple announced a cash dividend of $0.24 per share, an increase of 4 percent. Apple also announced an additional program to repurchase up to $90 billion of the Company’s common stock.

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