iPhone manufacturer Apple has recorded $94.83bn in revenues for the fiscal year’s second quarter, a decrease of 3% year-over-year.

During the quarter that ended 1 April 2023, the company’s quarterly earnings per diluted share remained unchanged year over year to $1.52.

The company’s operating income was $28.31bn in the quarter and net income was $24.16bn.

Apple CFO Luca Maestri said: “Our year-over-year business performance improved compared to the December quarter and we generated strong operating cash flow of $28.6bn while returning over $23bn to shareholders during the quarter.

“Given our confidence in Apple’s future and the value we see in our stock, our Board has authorized an additional $90bn for share repurchases. We are also raising our quarterly dividend for the eleventh year in a row.”

Geographically, Apple’s net sales in the Americas were $37.78bn and $23.94bn in Europe. iPhone net sales were $51.33bn in the second quarter.

Apple CEO Tim Cook said: “We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment and to have our installed base of active devices reach an all-time high.

“We continue to invest for the long term and lead with our values, including making major progress toward building carbon neutral products and supply chains by 2030.”

In April 2023, Apple opened two stores in India.