Earnings Results: Apple earnings show surprise jump in iPhone sales and a 4% dividend hike

by | May 4, 2023 | Stock Market

Apple Inc. on Thursday revealed surprise growth in its iPhone business during the first three months of the year, overcoming a shortfall in Mac revenue as the company promised investors billions more in dividends and stock repurchases. Apple
shares were up about 2% in after-hours trading midway through the earnings call.

The company reported fiscal second-quarter revenue of $94.8 billion, down from $97.3 billion a year before, while analysts had been expecting $92.9 billion. Revenue for the iPhone category rose to $51.3 billion from $50.6 billion, with analysts surveyed by FactSet expecting a decline to $48.7 billion. Chief Financial Officer Luca Maestri said on the earnings call that the iPhone growth was driven by “strong performance in emerging markets from South Asia and India to Latin America and the Middle East.” Apple logged net income of $24.2 billion, or $1.52 a share, compared with $25 billion, or $1.52 a share, in the year-prior quarter. Analysts were modeling $1.43 a share in earnings on average, per FactSet. Apple’s results arrived amid concern about the state of consumer-electronics spending, given worrisome third-party data points and cautious signals from players like Qualcomm Inc.
and DuPont de Nemours Inc.

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