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Apple’s third-quarter revenue of $81.8 billion and net profit of $19.9 billion

Apple’s third-quarter revenue of $81.8 billion and net profit of $19.9 billion

Apple (NASDAQ: AAPL) today released its financial report for the third quarter of fiscal year 2023 ending July 1. The financial report shows that Apple’s total net revenue in the third fiscal quarter was US$81.797 billion, a decrease of 1.4% compared with US$82.959 billion in the same period last year; net profit was US$19.881 billion, an increase of 2.3% compared with US$19.442 billion in the same period last year.

In comparison, the average of 25 analysts expected Apple’s third-quarter revenue to reach $81.69 billion. The financial report shows that Apple’s third-quarter revenue was 81.797 billion US dollars, which was higher than analysts’ expectations.

On average, 29 analysts expect Apple’s third-quarter diluted earnings per share to reach $1.19. According to the financial report, Apple’s diluted earnings per share in the third fiscal quarter were US$1.26, which was higher than analysts’ expectations.

In the third fiscal quarter, Apple’s revenue in Greater China was US$15.758 billion, an increase of 7.9% compared with US$14.604 billion in the same period last year.

Apple CEO Tim Cook (Tim Cook) said: “We are pleased to announce that our service revenue in the third fiscal quarter hit a record high, driven by more than 1 billion paid subscriptions. At the same time, benefiting from We remain strong in emerging markets, driven by the iPhone.”

Apple's third-quarter revenue of $81.8 billion and net profit of $19.9 billion

Apple CFO Luca Maestri (Luca Maestri) said: “Compared to the second fiscal quarter, the year-over-year performance of all businesses in this quarter improved, and the number of active devices reached an all-time high in every region. In addition, we generated a very strong cash flow from operations of $26 billion in the fiscal third quarter, returned $24 billion to shareholders, and continued to invest in our long-term growth plans.”

  Third fiscal quarter results:

Total net revenue was US$81.797 billion, down 1.4% from US$82.959 billion in the same period last year.

Among them, product revenue was US$60.584 billion, compared with US$63.355 billion in the same period last year. Services revenue was $21.213 billion, compared to $19.604 billion a year earlier.

By region, Apple’s third-quarter Americas revenue was $35.383 billion, compared to $37.472 billion in the same period last year;

European segment revenue was US$20.205 billion, compared to US$19.287 billion in the same period last year;

Greater China revenue was US$15.758 billion, an increase of 7.9% compared with US$14.604 billion in the same period last year;

The revenue of the Japanese division was US$4.821 billion, compared with US$5.446 billion in the same period last year;

Rest of Asia Pacific revenue was $5.630 billion, compared to $6.150 billion in the same period last year.

By product, Apple’s revenue from the iPhone in the third fiscal quarter was US$39.669 billion, compared with US$40.665 billion in the same period last year, which was lower than the average forecast of US$39.91 billion among analysts surveyed by Refinitiv;

Revenue from Mac was US$6.840 billion, compared with US$7.382 billion in the same period last year, higher than the average estimate of US$6.62 billion among analysts surveyed by Refinitiv;

Revenue from the iPad was US$5.791 billion, compared with US$7.224 billion in the same period last year, lower than the average estimate of US$6.41 billion among analysts surveyed by Refinitiv;

Revenue from wearables, home equipment and accessories was US$8.284 billion, compared with US$8.084 billion in the same period last year, lower than the average estimate of US$8.39 billion among analysts surveyed by Refinitiv;

Revenue from services was $21.213 billion, compared with $19.604 billion a year earlier and above the $20.76 billion average estimate of analysts polled by Refinitiv.

Cost of revenue was $45.384 billion, compared to $47.074 billion a year earlier.

Among them, the cost of product revenue was US$39.136 billion, compared with US$41.485 billion in the same period last year. Service revenue cost was $6.248 billion, compared to $5.589 billion in the same period last year.

Gross profit was $36.413 billion, compared to $35.885 billion a year earlier.

Operating expenses were $13,415 million compared to $12,809 million in the prior year period.

Among them, research and development expenditure was US$7.442 billion, compared with US$6.797 billion in the same period last year.

Selling, general and administrative expenses were $5.973 billion, compared to $6.012 billion in the same period last year.

Operating profit was $22.998 billion, compared to $23.076 billion a year earlier.

Net profit was US$19.881 billion, an increase of 2.3% compared with US$19.442 billion in the same period last year.

Basic earnings per share were $1.27, compared with basic earnings per share of $1.20 a year earlier.

Diluted earnings per share were $1.26 compared to $1.20 per diluted share in the prior year period.

As of July 1, 2023, Apple had $28.408 billion in cash and cash equivalents, compared to $23.646 billion as of September 24, 2022.

  Cash dividend:

Apple’s board of directors declared a cash dividend of $0.24 per common share for the third quarter of fiscal 2023. The dividend will be implemented on August 17, 2023, and shareholders of record at the close of business on August 14, 2023 will be eligible to receive the dividend.

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