A surge in iPhone sales saved Apple’s first quarter

A surge in iPhone sales saved Apple’s first quarter.

Apple’s quarterly financial numbers were released, and they exceeded expectations. Revenue during the first three months of 2023 for Cupertino came in at $94.8 billion, down 3% from the same period in 2022.

For the first three months of the year, Apple had record sales of iPhones and a new high for its services, which include the App Store, Apple Music, Apple Pay, and iCloud.

Sales of Macs and iPads performed poorly, contributing to the year-over-year drop. Fortunately for Apple, iPhone sales were $51.3 billion, an increase of 2% year over year, with several developed and growing nations, like India, Indonesia, and Turkey, seeing annual growth of 100% or more.

There are now 975 million paying users of Apple services; this is an increase of 150 million users from 2022. The number of active devices is also over 2 billion and rising, according to the research.

Specifically, Tim Cook stated, “major progress will be made towards building carbon neutral products and supply chains by 2030.” The company returned $23 billion to investors out of its $28.6 billion operating cash flow, and the CEO also announced an increase to Apple’s quarterly dividend for the eleventh consecutive year.