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Here’s Apple’s breakdown of iPhone, iPad, and Mac sales from the quarter:
iPhone: 51.1 million units
iPad: 10.2 million units
Mac: 4 million units
Apple CEO Tim Cook had this to say:
“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO. “We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”
And Luca Maestri, chief financial officer, said this:
“We generated strong operating cash flow of $11.6 billion and returned $10 billion to shareholders through our capital return program during the March quarter,” said Luca Maestri, Apple’s CFO. “Thanks to the strength of our business results, we are happy to be announcing today a further increase of the program to $250 billion.”
China, which has been a growth market, dropped 26% year-over-year in terms of revenue while Asia Pacific dropped 25% year-over-year. Total Apple revenue dropped 13% year-over-year. The US and EU dropped 10% and 5% year-over-year, respectively.
Apple’s guidance for the next quarter falls between $41 billion and $43 billion. Tim Cook also shared that iPhone SE is currently supply constrained, meaning sales could climb when Apple catches up with demand, and Apple Music now has more than 13 million subscribers. Apple also saw its highest number of Android switchers during H1.
— Benjamin Mayo (@bzamayo) April 26, 2023
Apple Reports Second Quarter Results“Our team executed extremely well in the face of strong macroeconomic headwinds,” said Tim Cook, Apple’s CEO. “We are very happy with the continued strong growth in revenue from Services, thanks to the incredible strength of the Apple ecosystem and our growing base of over one billion active devices.”
The Company also announced that its Board of Directors has authorized an increase of $50 billion to the Company’s program to return capital to shareholders. Under the expanded program, Apple plans to spend a cumulative total of $250 billion of cash by the end of March 2023.
“We generated strong operating cash flow of $11.6 billion and returned $10 billion to shareholders through our capital return program during the March quarter,” said Luca Maestri, Apple’s CFO. “Thanks to the strength of our business results, we are happy to be announcing today a further increase of the program to $250 billion.”
As part of the updated program, the Board has increased its share repurchase authorization to $175 billion from the $140 billion level announced last year. The Company also expects to continue to net-share-settle vesting restricted stock units.
The Board has approved an increase of 10 percent to the Company’s quarterly dividend, and has declared a dividend of $.57 per share, payable on May 12, 2023 to shareholders of record as of the close of business on May 9, 2023.
From the inception of its capital return program in August 2012 through March 2023, Apple has returned over $163 billion to shareholders, including $117 billion in share repurchases.
The Company plans to continue to access the domestic and international debt markets to assist in funding the program. The management team and the Board will continue to review each element of the capital return program regularly and plan to provide an update on the program on an annual basis.
• tax rate of 25.5 percent
© 2023 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
Apple Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
Six Months Ended
2023
2023
2023
2023
Net sales
$ 50,557
$ 58,010
$ 126,429
$ 132,609
Cost of sales (1)
30,636
34,354
76,085
79,212
Gross margin
19,921
23,656
50,344
53,397
Operating expenses:
Research and development (1)
2,511
1,918
4,915
3,813
Selling, general and administrative (1)
3,423
3,460
7,271
7,060
Total operating expenses
5,934
5,378
12,186
10,873
Operating income
13,987
18,278
38,158
42,524
Other income/(expense), net
155
286
557
456
Income before provision for income taxes
14,142
18,564
38,715
42,980
Provision for income taxes
3,626
4,995
9,838
11,387
Net income
$ 10,516
$ 13,569
$ 28,877
$ 31,593
Earnings per share:
Basic
$ 1.91
$ 2.34
$ 5.22
$ 5.43
Diluted
$ 1.90
$ 2.33
$ 5.19
$ 5.39
Shares used in computing earnings per share:
Basic
5,514,381
5,793,799
5,536,656
5,818,441
Diluted
5,540,886
5,834,858
5,567,506
5,858,330
Cash dividends declared per share
$ 0.52
$ 0.47
$ 1.04
$ 0.94
(1) Includes share-based compensation expense as follows:
Cost of sales
$ 191
$ 142
$ 395
$ 282
Research and development
$ 468
$ 384
$ 934
$ 758
Selling, general and administrative
$ 389
$ 401
$ 797
$ 775
Apple Inc.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares which are reflected in thousands and par value)
2023
2023
ASSETS:
Current assets:
Cash and cash equivalents
$ 21,514
$ 21,120
Short-term marketable securities
33,769
20,481
Accounts receivable, less allowances of $60 and $63, respectively
12,229
16,849
Inventories
2,281
2,349
Vendor non-trade receivables
7,595
13,494
Other current assets
10,204
15,085
Total current assets
87,592
89,378
Long-term marketable securities
177,645
164,065
Property, plant and equipment, net
23,203
22,471
Goodwill
5,249
5,116
Acquired intangible assets, net
3,843
3,893
Other non-current assets
7,745
5,556
Total assets
$ 305,277
$ 290,479
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$ 25,098
$ 35,490
Accrued expenses
23,208
25,181
Deferred revenue
9,461
8,940
Commercial paper
7,998
8,499
Current portion of long-term debt
2,500
2,500
Total current liabilities
68,265
80,610
Deferred revenue, non-current
3,322
3,624
Long-term debt 69,374 53,463
Other non-current liabilities
33,859
33,427
Total liabilities
174,820
171,124
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 12,600,000 shares authorized; 5,478,446 and 5,578,753 shares issued and outstanding, respectively
29,484
27,416
Retained earnings
102,021
92,284
Accumulated other comprehensive income/(loss)
(1,048)
(345)
Total shareholders’ equity
130,457
119,355
Total liabilities and shareholders’ equity
$ 305,277
$ 290,479
Apple Inc.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Six Months Ended
2023
2023
Cash and cash equivalents, beginning of the period
$ 21,120
$ 13,844
Operating activities:
Net income
28,877
31,593
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
5,431
5,054
Share-based compensation expense
2,126
1,815
Deferred income tax expense
3,092
1,879
Changes in operating assets and liabilities:
Accounts receivable, net
4,620
6,555
Inventories
68
(285)
Vendor non-trade receivables
5,899
2,500
Other current and non-current assets
300
2,448
Accounts payable
(9,475)
(5,428)
Deferred revenue
219
993
Other current and non-current liabilities
(2,093)
5,679
Cash generated by operating activities
39,064
52,803
Investing activities:
Purchases of marketable securities
(86,242)
(92,523)
Proceeds from maturities of marketable securities
9,148
5,871
Proceeds from sales of marketable securities
50,051
48,924
Payments made in connection with business acquisitions, net
(140)
(115)
Payments for acquisition of property, plant and equipment
(5,948)
(5,586)
Payments for acquisition of intangible assets
(657)
(155)
Other
(322)
88
Cash used in investing activities
(34,110)
(43,496)
Financing activities:
Proceeds from issuance of common stock
247
309
Excess tax benefits from equity awards
264
357
Payments for taxes related to net share settlement of equity awards
(751)
(608)
Payments for dividends and dividend equivalents
(5,871)
(5,544)
Repurchase of common stock
(13,530)
(12,000)
Proceeds from issuance of term debt, net
15,584
11,332
Change in commercial paper, net
(503)
(2,508)
Cash used in financing activities
(4,560)
(8,662)
Increase in cash and cash equivalents
394
645
Cash and cash equivalents, end of the period
$ 21,514
$ 14,489
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$ 6,630
$ 7,058
Cash paid for interest
$ 565
$ 220
Apple Inc.
Q2 2023 Unaudited Summary Data
(Units in thousands, Revenue in millions)
Q2 2023
Q1 2023
Q2 2023
Sequential Change
Year/Year Change
Operating Segments
Revenue
Revenue
Revenue
Revenue
Revenue
Americas
$19,096
$29,325
$21,316
– 35%
– 10%
Europe
11,535
17,932
12,204
– 36%
– 5%
Greater China
12,486
18,373
16,823
– 32%
– 26%
Japan
4,281
4,794
3,457
– 11%
24%
Rest of Asia Pacific
3,159
5,448
4,210
– 42%
– 25%
Total Apple
$50,557
$75,872
$58,010
– 33%
– 13%
Q2 2023
Q1 2023
Q2 2023
Sequential Change
Year/Year Change
Product Summary
Units
Revenue
Units
Revenue
Units
Revenue
Units
Revenue
Units
Revenue
iPhone (1)
51,193
$32,857
74,779
$51,635
61,170
$40,282
– 32%
– 36%
– 16%
– 18%
iPad (1)
10,251
4,413
16,122
7,084
12,623
5,428
– 36%
– 38%
– 19%
– 19%
Mac (1)
4,034
5,107
5,312
6,746
4,563
5,615
– 24%
– 24%
– 12%
– 9%
Services (2)
5,991
6,056
4,996
– 1%
20%
Other Products (1)(3)
2,189
4,351
1,689
– 50%
30%
Total Apple
$50,557
$75,872
$58,010
– 33%
– 13%
(1)
Includes deferrals and amortization of related software upgrade rights and non-software services.
(2)
Includes revenue from Internet Services, AppleCare, Apple Pay, licensing and other services.
(3)
Includes sales of Apple TV, Apple Watch, Beats products, iPod and Apple-branded and third-party accessories.
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