Apple reported record revenues in the quarter ended June 30, despite the dull economic environment that impacted earnings and share price of big technology companies. The iPhone maker said revenue rose 2 percent year-over-year to hit $83 billion.
Revenue from iPhone rose from $39.5 billion to $40.7 billion in the latest quarter, an increase of 3 percent increase from the same time last year. However, revenue from Mac, iPad, and Wearables, Home, and Accessories segments was down.
The operating cash flow in the quarter stood at $23 billion and Apple said it returned more than $28 billion to the shareholders.
"This quarter's record results speak to Apple's constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers ... As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone," Apple CEO Tim Cook said.
Apple's net quarterly profit stood at $19.4 billion, compared with $21.7 billion in the same quarter a year ago. The diluted earnings per share was $1.20 compared with $1.30 a year ago.
The Cupertino-based tech major said it was offering a quarterly dividend of $0.23 per share. Apple shares were up more than 3 percent after the earnings report. That was great news for the company, whose shares were down 11 percent from the beginning of the year.
Notably, the third-quarter services revenue fell short of the previous quarter's record revenue. The segment that includes App Store, Apple TV+, Apple Music, cloud services and others, however, expanded reach, hitting 860 million paid subscriptions on Apple's platform.
"The record level of performance of our services portfolio during the June quarter reflects the strength of our ecosystem on many fronts .... First, our install base has continued to grow, reaching an all time high across each geographic segment and major product category. We also saw increased customer engagement with our services during the quarter our transacting accounts, paid accounts and accounts with paid subscriptions. All grew double digits year over year and paid subscriptions showed very strong growth," said Apple CFO Luca Maestri.