Apple posts Q1 2023 results, reporting quarterly revenue of $117.2 billion, down 5 percent year over year

Apple has today announced financial results for its fiscal 2023 first quarter, posting quarterly revenue of $117.2 billion, down 5 percent year over year, marking the iPhone maker’s first year-over-year sales decline since 2019 after facing wide-spread stock shortages throughout the holiday shopping period.

The latest Q1 2023 results cover the period where Apple’s market valuation dropped below $2 trillion as shares declined to their lowest value since June 2021 at $125.07, with the company posting net quarterly profit of $30.0 billion, compared to net quarterly profit of $34.6 billion in the year-ago quarter.

Despite the quarter seeing Apple report its first year-over-year sales decline since 2019, the iPhone maker set an all-time revenue record of $20.8 billion in its Services business, with Luca Maestri, Apple’s CFO saying the company generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter.

Apple CEO Tim Cook will join Maestri at 2:00 p.m. PT / 5:00 p.m. ET for a short question and answer session with investors which will be available to stream live on Apple.com.