Apple today announced financial results for its fiscal 2023 first quarter ended December 31, 2022. The Company posted quarterly revenue of $117.2 billion, down 5 percent year over year, and quarterly earnings per diluted share of $1.88.
“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO, in a statement. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”
“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” said Luca Maestri, Apple’s CFO, in a statement. “We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”
Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on February 16, 2023 to shareholders of record as of the close of business on February 13, 2023.
Apple will provide live streaming of its Q1 2023 financial results conference call beginning at 2:00 p.m. PT on February 2, 2023 at apple.com/investor/earnings-call. This webcast will be available for replay for approximately two weeks thereafter.
Breakdown:
• Revenue: $117.2 billion
• EPS: $1.88
• iPhone: $65.775 billion
• Mac: $7.735 billion
• iPad: $9.396 billion
• Wearables, Home, and Accessories: $13.482 billion
• Services: $20.766 billion
Here’s what Wall Street was expecting, per Refinitiv consensus expectations:
• Revenue: $121.19 billion (vs. $123.9 billion in Q122)
• EPS: $1.94 per share (vs. $2.10 in Q122)
• iPhone: $68.29 billion (vs. $71.6 billion in Q122)
• Mac: $9.63 billion (vs. $10.8 billion in Q122)
• iPad: $7.76 billion (vs. 7.2 billion in Q122)
• Wearables, Home, and Accessories: $15.23 billion (vs. $14.7 billion in Q122)
• Services: $20.67 billion (vs. $19.5 billion in Q122)
MacDailyNews Take: Apple’s largest quarterly revenue decline since 2016.
MacDailyNews Note: As usual, we’ll have Apple’s results for you right around right around 1:30pm PT / 4:30pm ET and then cover the company’s Q123 conference call with live notes starting at 2pm PT / 5pm ET.
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Considering inflation in every other category…..these numbers are impressive.
Plus, the currency fluctuations (the dollar was quite strong until toward the end of the quarter) resulting from the FED’s interest rate hikes actually make it a decent quarter as mentioned — “…in constant currency.”
“fearful when others are greedy, and greedy when others are fearful.”
Warren Buffett
Long all the way!!!!
You know they lost around 8% on currency, and were down 5% overall. Considering china screwed them on production (also because Tim Cook sucks at production and has not diversified supply, and STILL has not put any production in the US). Not bad. Actually, pretty great. Also the forecast for beating YoY next quarter is pretty positive.
Sure it sucks they were down, but all things considered, not bad. I was fearing way worse.
Also, this is with maybe the most boring iPhone update ever.