$AAPL recently reported Q2 2023 earnings.
• Revenue: $94.8b (-3%)
- iPhone: $51.3b +2%
- Services: $20.9b +5%
- Wearables: $8.8b (-1%)
- Mac: $7.2b (-31%)
- iPad: $6.7b (-13%)
We've curated 7 quick highlights from the call.
• Revenue: $94.8b (-3%)
- iPhone: $51.3b +2%
- Services: $20.9b +5%
- Wearables: $8.8b (-1%)
- Mac: $7.2b (-31%)
- iPad: $6.7b (-13%)
We've curated 7 quick highlights from the call.
1/ While product revenues struggle, services hit record highs.
$AAPL CEO: "Services set an all-time record with $20.9 billion in revenue for the March quarter. We achieved all-time revenue records across App Store, Apple Music, iCloud and payment services".
$AAPL CEO: "Services set an all-time record with $20.9 billion in revenue for the March quarter. We achieved all-time revenue records across App Store, Apple Music, iCloud and payment services".
2/ In Q2, Apple repurchased $19.1b in shares and announced a HUGE new authorisation.
Apple plans to repurchase another $90b of its shares and has increased its quarterly dividend by 4%, to $0.24 per share.
Apple plans to repurchase another $90b of its shares and has increased its quarterly dividend by 4%, to $0.24 per share.
3/ Cook remains optimistic about the recovery in China; Apple is showing they continue to attract new buyers and are taking share.
4/ Cook is now calling India a "major focus", after opening their first two stores in the region.
"ARPUs are much lower than other regions. But if you look at it over a long arc of time, there's a good opportunity across the board".
"ARPUs are much lower than other regions. But if you look at it over a long arc of time, there's a good opportunity across the board".
5/ Recent financial product launches like Apple Pay Later, Apple Card, and the high-yield savings product have had incredible feedback.
6/ Apple's 44.3% gross margin, up 1.3% QoQ is the highest it's been in over a decade.
"Products gross margin was 36.7%, decreasing 30 basis points sequentially. Services gross margin was 71%, up 20 basis points sequentially".
"Products gross margin was 36.7%, decreasing 30 basis points sequentially. Services gross margin was 71%, up 20 basis points sequentially".
7/ Apple's ecosystem continues to blossom. As of Q2, there are 2b+ active devices and 975m paid subscribers across Apple services, up 150m from last year.
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