Apple reported its fiscal quarter results and they are better than analysts expected. Cupertino earned $94.8 billion in revenue between January and March 2023, 3% less than last year’s $97.2 billion.
The company reported record sales of iPhones for the first three months of the year and all-time records for services, including the App Store, Apple Music, Apple Pay and iCloud.
The year-over-year decline was driven primarily by underperforming Mac and iPad sales. Luckily for Apple, iPhone revenue was $51.3 billion, up 2% year over year, and doubled year over year in some developed and emerging markets like India, Indonesia and Turkey.
Apple services now have 975 million paid subscriptions, a staggering 150 million more than in 2022. The report also revealed that active installed devices consistently exceed 2 billion.
Tim Cook clarified that the company will continue to invest for the long term, including “major progress toward building carbon-neutral products and supply chains by 2030.” Apple paid shareholders $23 billion on operating cash flow of $28.6 billion and increased its quarterly dividend for the 11th consecutive year, the CEO added.
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