Apple posted its financial report on the last three months of 2023, which is the first quarter of its fiscal year. Total revenue and sales are down on a yearly basis as supply chain issues limited inventory. The company highlighted some of the positives in the bleak scenario – it now has 2 billion devices in active use and recorded an all-time high revenue in the Services business.
The total sales for the three months ending on December 31, 2022, were $117.1 billion, while the same period twelve months ago saw $123.9 billion in sales. The net income of almost $30 billion is down 13% from $34.6 billion.
Apple stopped revealing unit numbers a long time ago and now just lists revenue per category. The iPhones account for more than half of sales, but are still down 8% from last year. The Services business saw $20.8 billion in revenue between October and December 2022, up 6% yearly. The only other product category that saw a slight rise is the iPads, jumping almost 30% from $7.2 billion to $9.3 billion.
(in $ million)
Period ending Dec 31, 2022
Period ending Dec 25, 2021
Change
iPhone sales
65,775
71,628
-8%
Mac sales
7,735
10,852
-28%
iPad sales
9,396
7,248
28%
Wearables, Home and Accessories sales
13,482
14,701
-8%
Services sales
20,766
19,516
6%
Total sales
117,154
123,945
-5%
Net income
29,998
34,630
-13%
Tim Cook, Apple’s CEO, said the company has “the best lineup of products and services ever”. The CFO Luca Maestri added that revenue on paper might look in decline, but on a constant currency basis, it actually grew. The company generated $34 billion in cash flow and managed to return over $25 billion to shareholders, with a $0.23 cash dividend per share.
Source