Apple reported a net profit of $24.16 billion (21,871 million euros) for the first quarter of 2023. This marks the second fiscal quarter for the Cupertino company, reflecting a modest 3.4% decline from the year-ago period. In tandem with the earnings release, Apple outlined a bold $90,000 million (81,475 million euro) share repurchase program, signaling confidence in the company’s long-term growth and capital allocation strategy.
During the January-to-March period, Apple’s net sales reached $94,836 million (EUR 85,852 million). Revenue in this period was down 2.5% year over year, driven by a 4.5% drop in product sales. Services, however, continued to grow, reaching $20,907 million (18,927 million euros), an indicator of the company’s increasing emphasis on higher-margin services that have historically offered resilience amid hardware cycles.
Geographically, performance varied. U.S. sales faced a 7.6% decline, totaling $37,784 million (€34,205 million). Europe helped offset some of this softness, rising 2.8% to $23,945 million (€21,677 million). China saw a negative trend, with revenue falling 2.9% to $17,812 million (€16,125 million). These regional dynamics underscore the ongoing challenges and opportunities Apple encounters across global markets as it navigates differing demand environments and regulatory landscapes.
Product category highlights showed the iPhone continuing to lead, with sales at $51,334 million (€46,471 million), a 1.5% year-over-year increase. Mac sales declined sharply, by 31.3%, to $7,168 million (€6,489 million). iPad sales also declined, down 12.8%, contributing to an overall reduction in device-related revenue. Despite these hardware pressures, the accessories segment remained stable, down only 0.5% year over year at $8,757 million (€8,374 million).
Meanwhile, services revenue reached a record again, climbing 5.5% to $20,907 million (€18,927 million), reinforcing the company’s shift toward a more durable revenue mix. This aligns with the broader corporate strategy of expanding subscription-based offerings and ecosystem services that enhance customer loyalty and lifetime value.
Commenting on the quarterly performance, Apple’s leadership highlighted resilience in a challenging macroeconomic environment and a high base of installed active devices. The executive statement emphasized the ongoing record for services and the March quarter peak for iPhone demand, despite external headwinds. Such remarks reflect confidence in the company’s strategic priorities and the enduring appeal of its product ecosystem.
Looking at the first half of Apple’s fiscal year, the firm reported a net profit of $54,158 million (€49,028 million), a 9.2% decline from the same period a year earlier. Revenue for the six months totaled $211,990 million (€191,909 million), up 4.2% year over year, indicating a mixed picture where services strength and careful cost management helped offset some softer hardware sales.
In governance news, Apple’s board of directors approved a cash dividend of $0.24 per share, marking a 4% increase with payment set for May 18. The board also authorized an additional program to repurchase up to $90 billion of common stock, underscoring confidence in the company’s long-term value creation and capital return strategy. This capital plan, coupled with ongoing dividends, signals a balanced approach to rewarding shareholders while maintaining strategic flexibility for future investments.
Overall, the financial results illustrate Apple’s ability to sustain a robust services business and continue shareholder-friendly actions in a dynamic global market. The company’s leadership remains focused on reinforcing the ecosystem, driving innovation across devices and platforms, and delivering value to customers and investors across the United States, Canada, and beyond.