**Apple Fiscal Q3 Results: Key Highlights**
Apple (NASDAQ: AAPL) reported its fiscal third-quarter results on June 30, 2023, with a revenue of over $109.4 billion, marking a 16% year-over-year increase. The company’s net income reached approximately $29.79 billion, equating to $2.02 per share, which exceeds analyst expectations of $108.86 billion in revenue and $1.89 EPS. Notably, product sales surged by 18% to nearly $78.7 billion, driven primarily by a 22% increase in iPhone sales, which accounted for 69% of total product revenue.
However, in a cautious outlook for the fourth quarter, Apple anticipates a revenue growth of only 9% to 11%, citing challenges such as supply constraints on memory components and foreign exchange headwinds. The company’s gross margin is projected to decline to 47% to 48% from over 50% in Q3, contributing to the 7% decline in share price observed in after-hours trading following the earnings call.
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