Apple sees slump in quarterly revenue

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 04 Aug 2023
Apple CEO Tim Cook.
Apple CEO Tim Cook.

iPhone maker Apple has reported a 1% drop in revenue for the third quarter ended 1 July.

The company posted quarterly revenue of $81.8 billion, down 1% year-over-year, and quarterly earnings per diluted share of $1.26, up 5% 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 one billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” says Tim Cook, Apple 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,” says Luca Maestri, Apple 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 declared a cash dividend of $0.24 per share of the company’s common stock.

The dividend is payable on 17 August to shareholders of record as of the close of business on 14 August, the company concludes.