Apple posts better-than-expected financial report in Q2 2023 thanks to iPhone sale boost

Apple has posted better financial results for the second fiscal quarter (Q2) 2023 despite a slow economy thanks to the strong sales of its iPhones and growing business in India and other emerging markets.

For Q2 2023, Apple posted a net quarterly profit of $24.1 billion and revenue of $94.8 billion compared to a quarterly profit of $25 billion and revenue of $97.3 billion year-on-year for the same duration.

Apple Q2 2023 revenue/profit	Apple Q2 2022 revenue/profit
$94.8billion/$24.1 billion	$97.3 billion/$25 billion

Likewise, the company’s market value rose 2% after surpassing Wall Street’s estimations for revenue and profit for Q2. The executive of the tech giant has said that the profit margin would be better as the supply chain improved. However, not all the financial indicators are positive.

The Cupertino-based company said that the sales for the quarter fell 2.5% to $94.8 billion better than the 4.4% expected decline. Profit was flat at $1.52 per share in comparison to the expected $1.43 per share.

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iPhone drives up Apple revenue in second fiscal quarter 2023

Apple had iPhones to thank for its encouraging finances that beat expectations in Q2 2023. The company’s iPhone sales grew 1.5% to $51.3 billion beating expectations of a 3.3% drop.

Chief Financial Officer (CFO) Luca Maestri said Apple’s gross margin will be between 44% and 44.5%, above estimates of 43.7%. However, he expects Apple’s revenue to see a slight decline.

Apple’s ‘better’ financial results come when global smartphone shipments fell 13% as the company gained market share against Android.

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New Markets going good

Apple’s good finances have its new inroads to thank as iPhone sales made record sales in new markets. Tim Cook recently inaugurated Apple’s first stores in India.

“We were thrilled by our performance in emerging markets,” Cook said. “We set records for the iPhone installed base in every geographic segment, and we had very strong ‘new to’ (sales in) emerging markets, particularly in Brazil, India, and Mexico.”

Cook also said that supply-chain issues have dissipated. “We had no material shortages at all during the quarter across any of the products.”

During the same period, Mac sales declined 30% exceeding expectations of 25%. Similarly, AirPods and Apple Watch business also fell 1% although the estimates were higher at 4.4%.

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Apple’s brightest growth was in its service business which includes iCloud, Apple Pay, etc. The segment grew 5.5% to $20.9 billion. Cook says that the platform now has 975 million subscribers.