Happy Tuesday.

In today’s update, we will go over Apple’s 2Q23 10-Q. We will then discuss Apple’s buyback and cash dividend programs.

Let’s jump right in.

Apple 2Q23 10-Q Takeaways

Published at the end of FY1Q, 2Q, and 3Q, 10-Q filings provide additional commentary and disclosures regarding a company's business and financial results.

The following items from Apple's 2Q23 10-Q jumped out at me.

Product Details. Apple provided additional commentary behind sales trends for its major product categories.

iPhone. Net sales were flat in 2Q23. Based on that wording, it sounds like higher ASP was not a major factor in iPhone revenue growth. In the past, Apple has called out a different mix of iPhone models to hint at ASP changes. For reference, the last time Apple called out iPhone mix in the 10-Q, ASP likely was up 10%+ year-over-year. For 2Q23, we are looking at a much smaller increase in ASP given FX headwinds.

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