Apple’s Q4 report: iPhone sales are down, iPad increases


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.

Apple reports 2 billion active devices in first fiscal quarter

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.


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