For the quarter, Apple posted revenue of $81.8 billion and net quarterly profit of $19.9 billion, or $1.26 per diluted share, compared to revenue of $83.0 billion and net quarterly profit of $19.4 billion, or $1.20 per diluted share, in the year-ago quarter.
Gross margin for the quarter was 44.5 percent, compared to 43.3 percent in the year-ago quarter. Apple also declared a quarterly dividend payment of $0.24 per share, payable on August 17 to shareholders of record as of August 14.
"We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone," said Tim Cook, Apple's CEO. "From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it."
As has been the case for over three years now, Apple is once again not issuing guidance for the current quarter ending in September.
Apple will provide live streaming of its fiscal Q3 2023 financial results conference call at 2:00 p.m. Pacific, and MacRumors will update this story with coverage of the conference call highlights.
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1:57 pm Apple also saw sales growth in its European and Greater China geographic segments, while Americas, Japan, and AsiaPac slipped moderately. Wearables, Home and Accessories joined Services as the product segments that saw growth year over year.
1:55 pm While Apple's total sales dropped from just shy of $83 billion in the June 2022 quarter to just shy of $82 billion this year, profit nonetheless climbed from $19.4 billion to $19.9 billion thanks to an increase in the highly profitable Services division that more than offset the drop in hardware sales.
Between the increase in net income and a decrease in outstanding shares thanks to Apple's repurchase program, earnings per diluted share rose from $1.20 to $1.26.
1:42 pm Apple set an all-time record for Services revenue during the quarter at $21.2 billion, but iPhone revenue was down slightly compared to the year-ago quarter. Apple Watch was up just a bit, while iPad and Mac revenue dropped significantly to their lowest levels in three years.
1:40 pm Apple's revenue was down approximately 1% year-over-year, but earnings and earnings per share were up slightly. AAPL shares were down approximately 0.75% in regular trading, briefly spiked after the close of regular trading, but then dropped again following the earnings release and is currently right around $190 per share.