Apple Q2 earnings are down, as everything but iPhones is harder to sell
Enlarge / Tim Cook posing for selfie at an Apple Store opening in New Delhi, India. Cook is optimistic about "switcher and first-time buyer metrics" in that country. (credit: Bloomberg/Getty)
Apple reported its earnings for Q2 2023 today, beating both Wall Street's and its own dour revenue estimates just a bit but continuing to show marked declines in new hardware sales.
Overall sales revenue was $94.8 billion for Apple's financial quarter ending April 1 (PDF), down 3 percent year over year, short of the 5 percent Apple's data had suggested in January. CEO Tim Cook emphasized Apple's "all-time record in Services" and a record iPhone month in March, despite a "challenging macroeconomic environment, in a press release. Services, which includes the App Store, AppleCare, iCloud, and Apple's subscription products, increased to $20.9 billion in Q2, up about 5.5 percent.
iPhone sales increased 1.5 percent to $51.03 billion. Cook told CNBC's Steve Kovach that "It was quite a good quarter from an iPhone point of view, particularly relative to the market when you look at the market stats."