Apple’s second-quarter results show why the company is the world’s most valuable company. Higher than-expected iPhone sales in the second quarter made the company beat earnings projections and withstand an industrywide decline that devastated much of its product lineup. For its fiscal 2023 second quarter ended April 1, 2023, the Company posted quarterly revenue of $94.8 billion, down 3 per cent year over year, and quarterly earnings per diluted share of $1.52, unchanged year over year. The sale of its flagship product iPhone amounted to $51.3 billion in revenue.
AAPL is up by almost 27% for the year and the share price has gained 2% in the pre-market session after the result was released.
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Revenue from the iPad fell 13% to $6.67 billion, roughly in line with analyst projections of $6.7 billion. New models, which included a redesigned entry-level model and Pro models with M2 CPUs, didn’t do much to boost sales in the third quarter. Revenue in the Mac division dropped 31% to $7.17 billion. The home, wearables and accessories division, which includes AirPods, the Apple Watch and the TV set-top box — fell less than 1% to $8.76 billion.
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The services sector, which includes iCloud, Apple Music, the App Store, and the TV+ streaming service, earned $20.91 billion, falling short of analyst expectations of $21.1 billion. Nonetheless, it was a 5.5% increase over the previous year.
According to Apple CEO Tim Cook, the quarter was ‘better than we expected’. Cook singled out India as critical for the iPhone maker, emphasising how the world’s most populous country is on the verge of becoming both a large market and a production base.