Apple Inc. (AAPL) SEC Filing 8-K Material Event for the period ending Thursday, August 3, 2023

Apple Inc

CIK: 320193 Ticker: AAPL

Exhibit 99.1

Apple reports third quarter results

Services revenue reaches new all-time high

Installed base of active devices sets all-time record

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2023 third quarter ended July 1, 2023. The Company posted quarterly revenue of $81.8 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.26, up 5 percent year over year.

“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.”

“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”

Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on August 17, 2023 to shareholders of record as of the close of business on August 14, 2023.

Apple will provide live streaming of its Q3 2023 financial results conference call beginning at 2:00 p.m. PT on August 3, 2023 at The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website,, and its investor relations website, 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.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

Press Contact:
Josh Rosenstock
(408) 862-1142

Investor Relations Contact:
Saori Casey
(408) 974-3123

NOTE TO EDITORS: For additional information visit Apple Newsroom (, or email Apple’s Media Helpline at

© 2023 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

Apple Inc.
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months EndedNine Months Ended
July 1,
June 25,
July 1,
June 25,
Net sales:
   Products$60,584 $63,355 $230,901 $245,241 
   Services21,213 19,604 62,886 58,941 
Total net sales (1)
81,797 82,959 293,787 304,182 
Cost of sales:
   Products39,136 41,485 146,696 155,084 
   Services6,248 5,589 18,370 16,411 
Total cost of sales45,384 47,074 165,066 171,495 
Gross margin
36,413 35,885 128,721 132,687 
Operating expenses:
Research and development
7,442 6,797 22,608 19,490 
Selling, general and administrative
5,973 6,012 18,781 18,654 
Total operating expenses
13,415 12,809 41,389 38,144 
Operating income
22,998 23,076 87,332 94,543 
Other income/(expense), net
Income before provision for income taxes
22,733 23,066 86,738 94,446 
Provision for income taxes
2,852 3,624 12,699 15,364 
Net income
$19,881 $19,442 $74,039 $79,082 
Earnings per share:
$1.27 $1.20 $4.69 $4.86 
$1.26 $1.20 $4.67 $4.82 
Shares used in computing earnings per share:
15,697,614 16,162,945 15,792,497 16,277,824 
15,775,021 16,262,203 15,859,263 16,394,937 
(1) Net sales by reportable segment:
$35,383 $37,472 $122,445 $129,850 
20,205 19,287 71,831 72,323 
Greater China
15,758 14,604 57,475 58,730 
4,821 5,446 18,752 20,277 
Rest of Asia Pacific
5,630 6,150 23,284 23,002 
Total net sales
$81,797 $82,959 $293,787 $304,182 
(1) Net sales by category:
$39,669 $40,665 $156,778 $162,863 
6,840 7,382 21,743 28,669 
5,791 7,224 21,857 22,118 
Wearables, Home and Accessories
8,284 8,084 30,523 31,591 
21,213 19,604 62,886 58,941 
Total net sales
$81,797 $82,959 $293,787 $304,182 

Apple Inc.
(In millions, except number of shares which are reflected in thousands and par value)

July 1,
September 24,
Current assets:
Cash and cash equivalents
$28,408 $23,646 
Marketable securities
34,074 24,658 
Accounts receivable, net
19,549 28,184 
7,351 4,946 
Vendor non-trade receivables
19,637 32,748 
Other current assets
13,640 21,223 
Total current assets
122,659 135,405 
Non-current assets:
Marketable securities
104,061 120,805 
Property, plant and equipment, net
43,550 42,117 
Other non-current assets
64,768 54,428 
Total non-current assets
212,379 217,350 
Total assets
$335,038 $352,755 
Current liabilities:
Accounts payable
$46,699 $64,115 
Other current liabilities
58,897 60,845 
Deferred revenue
8,158 7,912 
Commercial paper
3,993 9,982 
Term debt
7,216 11,128 
Total current liabilities
124,963 153,982 
Non-current liabilities:
Term debt
98,071 98,959 
Other non-current liabilities
51,730 49,142 
Total non-current liabilities
149,801 148,101 
Total liabilities
274,764 302,083 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,647,868 and 15,943,425 shares issued and outstanding, respectively
70,667 64,849 
Retained earnings/(Accumulated deficit)1,408 (3,068)
Accumulated other comprehensive income/(loss)
Total shareholders’ equity
60,274 50,672 
Total liabilities and shareholders’ equity
$335,038 $352,755 

Apple Inc.
(In millions)

Nine Months Ended
July 1,
June 25,
Cash, cash equivalents and restricted cash, beginning balances$24,977 $35,929 
Operating activities:
Net income74,039 79,082 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization8,866 8,239 
Share-based compensation expense8,208 6,760 
Changes in operating assets and liabilities:
Accounts receivable, net7,609 4,561 
Vendor non-trade receivables13,111 4,789 
Other current and non-current assets(4,863)(3,289)
Accounts payable(16,790)(6,108)
Other current and non-current liabilities2,986 246 
Cash generated by operating activities88,945 98,024 
Investing activities:
Purchases of marketable securities(20,956)(70,178)
Proceeds from maturities of marketable securities27,857 24,203 
Proceeds from sales of marketable securities3,959 33,609 
Payments for acquisition of property, plant and equipment(8,796)(7,419)
Cash generated by/(used in) investing activities1,311 (21,137)
Financing activities:
Payments for taxes related to net share settlement of equity awards(5,119)(5,915)
Payments for dividends and dividend equivalents(11,267)(11,138)
Repurchases of common stock(56,547)(64,974)
Proceeds from issuance of term debt, net5,228 — 
Repayments of term debt(11,151)(6,750)
Proceeds from/(Repayments of) commercial paper, net(5,971)4,970 
Cash used in financing activities(85,335)(83,955)
Increase/(Decrease) in cash, cash equivalents and restricted cash4,921 (7,068)
Cash, cash equivalents and restricted cash, ending balances$29,898 $28,861 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$7,020 $12,251 
Cash paid for interest$2,590 $1,910 

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Ticker: AAPL
CIK: 320193
Form Type: 8-K Corporate News
Accession Number: 0000320193-23-000075
Submitted to the SEC: Thu Aug 03 2023 4:30:21 PM EST
Accepted by the SEC: Thu Aug 03 2023
Period: Thursday, August 3, 2023
Industry: Electronic Computers
  1. Earnings Release
  2. Financial Exhibit

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