Apple Stock News: Apple Reports 2Q 2023 Results
Apple Stock News: Apple reported its Q2 2023 results, with revenue of $94.8 billion and net profit of $24.1 billion. They set a new record for Services revenue and iPhone revenue but saw a significant decline in Mac revenue. Gross margin was 44.3%, and the board authorized an additional $90 billion for share repurchases and increased the dividend to $0.24 per share. Apple CEO, Tim Cook, expressed pleasure with the results and highlighted their focus on long-term investments and sustainability. Apple is not issuing guidance for the current quarter.
During Apple’s earnings call, CEO Tim Cook acknowledged the potential of artificial intelligence, but emphasized the importance of being deliberate and thoughtful in its use. Cook highlighted that Apple has integrated AI and machine learning into various products like Fall Detection, Crash Detection, and the ECG app on the Apple Watch. Despite criticism over Siri’s shortcomings, Apple employees are proposing large language model improvements for a potential launch in next year’s iOS version.
Not Considering Mass Layoffs
Apple CEO Tim Cook stated that mass layoffs are a last resort and not being considered at the moment. While other tech giants like Google and Facebook have laid off employees amid the pandemic, Apple has not made any mass layoffs of full-time employees. However, the company has reportedly laid off some corporate employees, let go of some contracted recruiters, and stopped hiring for some roles. Apple had approximately 164,000 full-time equivalent employees as of September 2022.