Apple Reports Strong Q4 Earnings, Beating Analyst Estimates
Apple Inc. (AAPL) reported strong financial results for the fourth quarter of fiscal year 2023, exceeding analyst expectations. The company generated revenue of $94.9 billion, up 6% year-over-year, and adjusted earnings per share of $1.64, surpassing estimates of $1.60. This marks the seventh consecutive quarter where Apple has exceeded analyst expectations on both revenue and earnings.
Product revenue reached $69.96 billion, driven by strong iPhone sales. Services revenue also grew steadily, reaching $24.97 billion. Notably, Apple's active installed base of devices reached an all-time high across all products and geographic segments.
"Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago," said Tim Cook, CEO of Apple. "During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection."
Apple's board declared a quarterly cash dividend of 25 cents per share, payable on November 14th to shareholders of record as of November 11th. The company did not provide forward guidance in its earnings release, but will likely offer commentary on its future outlook during its conference call with analysts and investors scheduled for 5 p.m. ET.
Despite the strong earnings report, Apple shares were down 0.91% in after-hours trading, at $223.85. However, the stock remains up approximately 17.5% year-to-date.