Apple Inc (AAPL, Financial) announced its fiscal 2023 fourth quarter results on November 2, 2023. The company reported a quarterly revenue of $89.5 billion, representing a 1% decrease year over year. Despite the slight dip in total revenue, the company's earnings per diluted share increased by 13% year over year to $1.46.
Performance Highlights
Apple Inc (AAPL, Financial) reported a September quarter revenue record for iPhone and an all-time revenue record in Services. The company's CEO, Tim Cook, expressed optimism about the company's product lineup heading into the holiday season, including the iPhone 15 lineup and the first carbon-neutral Apple Watch models.
Apple's CFO, Luca Maestri, highlighted that the company's active installed base of devices reached a new all-time high across all products and geographic segments. The company's business performance in the September quarter drove double-digit EPS growth and returned nearly $25 billion to shareholders.
Financial Overview
Apple Inc (AAPL, Financial)'s net sales for products were $67.2 billion, down from $70.9 billion in the same quarter last year. Services, on the other hand, saw an increase from $19.2 billion to $22.3 billion. The total net sales were $89.5 billion, a slight decrease from $90.1 billion in the same quarter last year.
Operating income for the quarter was $26.9 billion, up from $24.9 billion in the same quarter last year. Net income was $22.9 billion, up from $20.7 billion in the same quarter last year.
Balance Sheet and Cash Flow
As of September 30, 2023, Apple Inc (AAPL, Financial) had cash and cash equivalents of $29.9 billion, up from $23.6 billion as of September 24, 2022. The company's total assets were $352.6 billion, nearly unchanged from $352.7 billion in the previous year.
The company generated $110.5 billion in cash from operating activities, up from $122.1 billion in the same period last year. Investing activities generated $3.7 billion in cash, a significant improvement from the $22.3 billion used in the same period last year.
Dividend Announcement
Apple's board of directors declared a cash dividend of $0.24 per share of the company's common stock, payable on November 16, 2023, to shareholders of record as of the close of business on November 13, 2023.
Explore the complete 8-K earnings release (here) from Apple Inc for further details.
