Apple announces Q3 results with 1% decline in revenue

SAN FRANCISCO -- Apple on Thursday announced financial results for its fiscal 2023 third quarter ending on July 1, with 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.

Its net income for the quarter increased to $19.88 billion from $19.44 billion a year ago, and sales of iPhones amounted to $39.67 billion, down from 40.67 billion dollars year-on-year.

The company's sales of Wearables, Home and Accessories products increased slightly to $8.28 billion from $8.08 billion a year ago.

Its sales of service increased to $21.21 billion from $19.60 billion a year ago.

Apple's net sales in the Greater China region increased to $15.76 billion from $14.60 billion a year ago, according to Apple's financial statement.

"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," said Tim Cook, Apple's CEO.

"Our June quarter year-over-year business performance improved from the March quarter," 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.