Apple Inc (AAPL) 10-Q Quarterly Report February 2023

CUPERTINO, CALIFORNIA — 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. “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. “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.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

The following information was filed by Apple Inc (AAPL) on Thursday, February 2, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

ChatGPT says • Apple Inc. is focused on increasing its net sales and gross margins through a variety of strategies, such as investing in research and development, leveraging its cloud services, App Store, and music offerings, and taking advantage of the U.S. federal R&D credit and lower state income taxes.

Apple Inc. Managing Lower Net Sales, Introducing New Products.

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Inside Apple Inc's 10-Q Quarterly Report:

Financial - Earnings Highlight
Gross Margin Products and Services gross margin and gross margin percentage for the three months ended December 31, 2022 and December 25, 2021 were as follows (dollars in millions): Products Gross Margin Products gross margin decreased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to the weakness in foreign currencies relative to the U.S. dollar and lower Products volume.

Financial - Earnings Highlight
Services Gross Margin Services gross margin increased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to higher Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar.
Financial - Earnings Highlight
Products gross margin percentage decreased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to the weakness in foreign currencies relative to the U.S. dollar.
Revenue - Geography Highlight
Rest of Asia Pacific Rest of Asia Pacific net sales decreased during the first quarter of 2023 compared to the same quarter in 2022 due to the weakness in foreign currencies relative to the U.S. dollar.
Revenue - Product Highlight
Services Services net sales increased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to higher net sales from cloud services, the App Store and music.
Revenue - Product
Quarterly Highlights Total net sales...Read more
Revenue - Geography
Apple Inc. | Q1 2023...Read more
Revenue - Geography
Europe Europe net sales decreased...Read more
Other - Other
As of December 31, 2022,...Read more
Revenue - Product
iPad iPad net sales increased...Read more
Revenue - Product
Business Seasonality and Product Introductions...Read more
Revenue - Product
Japan Japan net sales decreased...Read more
Revenue - Product
The timing of product introductions...Read more
Other - Other
Forward-looking statements can also be...Read more
Revenue - Product
iPhone iPhone net sales decreased...Read more
Revenue - Product
Mac Mac net sales decreased...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Apple Inc provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 10.2: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: AAPL
CIK: 320193
Form Type: 10-Q Quarterly Report
Accession Number: 0000320193-23-000006
Submitted to the SEC: Thu Feb 02 2023 6:01:30 PM EST
Accepted by the SEC: Fri Feb 03 2023
Period: Saturday, December 31, 2022
Industry: Electronic Computers