Apple Reports Third Quarter Results, Revenue Down 1% YoY

[TheLostSwede]

Apple today announced financial results for its fiscal 2023 third quarter ended July 1, 2023. The Company posted quarterly revenue of $81.8 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.26, up 5 percent year over year.

"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," said Tim Cook, Apple's CEO. "From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it."




"Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment," said Luca Maestri, Apple's CFO. "During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans."

Apple's board of directors has declared a cash dividend of $0.24 per share of the Company's common stock. The dividend is payable on August 17, 2023 to shareholders of record as of the close of business on August 14, 2023.

Apple will provide live streaming of its Q3 2023 financial results conference call beginning at 2:00 p.m. PT on August 3, 2023 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

View at TechPowerUp Main Site | Source

 

[bonehead123]

In the interest of full disclosure, I must confess that a large chunk of that $24B shareholder money was paid directly to me, therefore I must insist that apple-bashing be prohibited here...

j/k

But seriously, even though I don't currently own or use any of their products, I AM eagerly awaiting yet another large dividend check in 2 weeks, oh yea

 

[Daven]

In the interest of full disclosure, I must confess that a large chunk of that $24B shareholder money was paid directly to me, therefore I must insist that apple-bashing be prohibited here...

j/k

But seriously, even though I don't currently own or use any of their products, I AM eagerly awaiting yet another large dividend check in 2 weeks, oh yea

There are only a few remaining PC vs Mac holdouts. Almost everyone owns or has owned an Apple product by now. Gone are the days where Silicon Valley marketing departments used propaganda to get nerds to hate certain companies over others. Every company in Silicon Valley collaborates or has collaborated with every other company at one time or another.

Those were dark days when sites like Engadget had to actually add code to their website to allow users to hide Apple stories because many couldn’t emotionally handle reading Apple related stories.

 

[Prima.Vera]

I guess 75% of all Apple profit comes from stupidity and ignorance of those gullible people, that are buying year after year after year almost THE SAME phones and tablets from them, at an increased price year after year.
I mean, I challenge anyone to convince me that a 4 or 5 years old iPhone is worst than the latest, and shiniest....
We need better education in this world, otherwise those callous companies will become richer and richer on the expense of stupidity.

 

[TheLostSwede]

There are only a few remaining PC vs Mac holdouts. Almost everyone owns or has owned an Apple product by now. Gone are the days where Silicon Valley marketing departments used propaganda to get nerds to hate certain companies over others. Every company in Silicon Valley collaborates or has collaborated with every other company at one time or another.

Those were dark days when sites like Engadget had to actually add code to their website to allow users to hide Apple stories because many couldn’t emotionally handle reading Apple related stories.

I've proudly never owned an Apple product and I have no intention of owning one.

 

[Fourstaff]

I guess 75% of all Apple profit comes from stupidity and ignorance of those gullible people, that are buying year after year after year almost THE SAME phones and tablets from them, at an increased price year after year.
I mean, I challenge anyone to convince me that a 4 or 5 years old iPhone is worst than the latest, and shiniest....
We need better education in this world, otherwise those callous companies will become richer and richer on the expense of stupidity.

That's the beauty of Apple products right, you only need to buy a new one every 5 years since its the same. I had a choice of buying Android tablet (3 years security patches) and iPad (with 6 years patches). Had to go with iPad despite me using an Android phone ...

 

[Frick]

I guess 75% of all Apple profit comes from stupidity and ignorance of those gullible people, that are buying year after year after year almost THE SAME phones and tablets from them, at an increased price year after year.
I mean, I challenge anyone to convince me that a 4 or 5 years old iPhone is worst than the latest, and shiniest....
We need better education in this world, otherwise those callous companies will become richer and richer on the expense of stupidity.

The cameras get better.

I've proudly never owned an Apple product and I have no intention of owning one.

That's a silly thing to be proud over tbh, just as silly as being proud over having the lastest Apple whatever.

That's the beauty of Apple products right, you only need to buy a new one every 5 years since its the same. I had a choice of buying Android tablet (3 years security patches) and iPad (with 6 years patches). Had to go with iPad despite me using an Android phone ...

Honestly yeah, unless the new Lenovo tablets are good I'll definitely get an iPad next, simply because at this point they are also cheaper than decent Android tablets.

 

[sLowEnd]

I don't love everything Apple makes or does, but not all of their products are completely without merit. Their USB-C to 3.5mm dongle is inexpensive and serving me quite well right now. I don't really have any major qualms about using an iPhone SE either. I love how fast and small it is, actually.

 

[Daven]

I've proudly never owned an Apple product and I have no intention of owning one.

Explain to me how that is something to be proud of.

 

[mb194dc]

Not great results, relatively speaking, despite the services hype. Then again Apple making $100bn a year net income odd... A 2T Valuation isn't absurd. Market has it at 3.3 ish at the moment.

Probably some serious downside possible in all the mega caps if and when a serious downcycle happens. Eating and paying rent > Need new phone ?

 

[dyonoctis]

I guess 75% of all Apple profit comes from stupidity and ignorance of those gullible people, that are buying year after year after year almost THE SAME phones and tablets from them, at an increased price year after year.
I mean, I challenge anyone to convince me that a 4 or 5 years old iPhone is worst than the latest, and shiniest....
We need better education in this world, otherwise those callous companies will become richer and richer on the expense of stupidity.

I think that anyone buying a new phone yearly wouldn't care even if they were more tech literate. To me that sounds like : "I do it because I can afford it." If a phone is factually bad after one year, it means that it was a bad phone to begin with. ( or there was massive breakthrough in technology that changed the game, but even then a few years need to pass before you actually feel behind). 99% of the time, a yearly uppgrade is not worth it no matter the brand.

But for what it's worth, the iPhone XR got a lower resolution LCD screen that doesn't get as bright, a worse battery life, a worse camera, and less QoL that are tied to the hardware. a 5 years uppgrade cycle is nothing to be ashamed about.

 

[Hammerman]

There are only a few remaining PC vs Mac holdouts. Almost everyone owns or has owned an Apple product by now. Gone are the days where Silicon Valley marketing departments used propaganda to get nerds to hate certain companies over others. Every company in Silicon Valley collaborates or has collaborated with every other company at one time or another.

Those were dark days when sites like Engadget had to actually add code to their website to allow users to hide Apple stories because many couldn’t emotionally handle reading Apple related stories.

Not actual marketing. Media and social narratives to drive up engagement. Much like how Android and iOs are not actually in competition.

 

[RandallFlagg]

There's not much to get excited about in the mobile space. I have a hard time telling the difference between my iPhone 13 and my wife's 11 in normal use. And my iPad 9th Gen with its iPhone 11 era A13 is more than capable of keeping up with anything I throw at it.

I really don't see many people care about this space anymore, not like it was 5+ years ago. These are appliances now. Apples sales are stagnating and others like Qualcomm are outright collapsing (-25% chip sales, -52% revenue). Goes to show that innovation is really not about your screen or your camera, or how fast your CPU is.

They're going to need to do a lot better than that to get people to go back to frequent upgrade cycles. These are 5 year phones now, with replacement more about battery life than anything else.

 

[dyonoctis]

There's not much to get excited about in the mobile space. I have a hard time telling the difference between my iPhone 13 and my wife's 11 in normal use. And my iPad 9th Gen with its iPhone 11 era A13 is more than capable of keeping up with anything I throw at it.

I really don't see many people care about this space anymore, not like it was 5+ years ago. These are appliances now. Apples sales are stagnating and others like Qualcomm are outright collapsing (-25% chip sales, -52% revenue). Goes to show that innovation is really not about your screen or your camera, or how fast your CPU is.

They're going to need to do a lot better than that to get people to go back to frequent upgrade cycles. These are 5 year phones now, with replacement more about battery life than anything else.

At least Apple still get a recurrent income from the services tied to those hardware. You can't say the same for the others...and that's where the integrated model seems to be more sustainable.