Apple posted an increase in iPhone revenue in fiscal Q2 2023 (the period to 1 April) despite a challenging macroeconomic environment and foreign exchange headwinds, with CEO Tim Cook (pictured) stating it set records for sales of smartphones and services.

Cook stated Apple expanded a satellite-based SOS service on its iPhone 14 line-up to six additional countries to bring its total to 12.

“We achieved all time revenue records across App Store, Apple Music, iCloud and payment services,” he stated.

Overall revenue declined 3 per cent year-on-year to $94.8 billion, which Cook noted was better than the company’s expectations.

Net income fell from $25 billion to $24.1 billion.

Revenue for iPhone of $51.3 billion was up 1.5 per cent.

Services set an all-time revenue record of $20.9 billion compared with $19.8 billion in the comparable period of its fiscal 2022.

Cook noted it now has more than 975 million paid subscriptions.

Mac revenue of $7.1 billion was down from 10.3 billion and iPad dropped from $7.6 billion to $6.6 billion.

Cook attributed the numbers to macroeconomic challenges, foreign exchange headwinds and a difficult comparison to 2022, when Apple rolled-out its M1 chip across those devices.

Wearables home and accessories revenue was $8.7 billion compared with $8.8 billion.

Apple’s board authorised $90 billion for stock repurchases.