Apple beats the Street

Apple today announced financial results for its fiscal 2023 fourth quarter ended September 30, 2023. The Company posted quarterly revenue of $89.5 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.46, up 13 percent year over year.
“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO, in a statement. “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”
“Our active installed base of devices has again reached a new all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty,” said Luca Maestri, Apple’s CFO, in a statement. “During the September quarter, our business performance drove double digit EPS growth and we returned nearly $25 billion to our shareholders, while continuing to invest in our long-term growth plans.”
Apple now has $162.1 billion in cash on hand vs. $166.5 billion at the end of Q323.
(For some perspective, Intel is currently valued at $158.9 billion.)
Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on November 16, 2023 to shareholders of record as of the close of business on November 13, 2023.
Apple will provide live streaming of its Q4 2023 financial results conference call beginning at 2:00 p.m. PT on November 2, 2023 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple’s Q423 results:
• Revenue: $89.498 billion (vs. $90.146 billion YoY)
• EPS: $1.46 (vs. $1.29 YoY)
• iPhone: $43.805 billion (vs. $42.626 billion YoY)
• Services: $22.314 billion (vs. $19.188 billion YoY)
• Wearables, Home, and Accessories: $9.650 billion
• Mac revenue: $7.614 billion (vs. $11.508 billion YoY)
• iPad revenue: $6.443 billion (vs. $7.174 billion YoY)
Here’s what Wall Street was expecting, per LSEG estimates:
• Revenue: $89.28 billion
• EPS: $1.39
• iPhone: $43.81 billion
• Services: $21.35 billion
• Wearables, Home, and Accessories: $9.43 billion
• Mac revenue: $8.63 billion
• iPad revenue: $6.07 billion
MacDailyNews Take: Very nice! (Mac will rebound this quarter.)
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