Apple’s Q4 2023 Results: Revenue Decline Continues

Apple recently released its financial results for the fourth quarter of 2023, marking the fourth consecutive quarter of declining revenue. This report, which coincided with Apple’s customary conference call with industry analysts, revealed that, as per Apple’s Q4 2023 results, the tech giant generated $89.5 billion in revenue during the final quarter of the fiscal year.

Comparing these figures to the previous year, there was a slight dip from the $90.1 billion reported in the same period of 2022. Earnings per share for this quarter were reported at $1.46.

The breakdown of revenue from Apple’s key product categories is as follows: iPhone revenue increased from $42.6 billion in Q4 2022 to $43.8 billion in Q4 2023. However, iPad revenue declined from $7.17 billion to $6.43 billion in the same period, and Mac revenue dropped significantly from $11.5 billion year-on-year to $7.61 billion.

In contrast, Apple’s Services segment continued to show growth, reaching $22.314 billion in Q4 2023, up from $19.18 billion in Q4 2022. Wearables, Home, and Accessories, on the other hand, experienced a slight decrease, with revenue totaling $9.32 billion compared to $9.65 billion from the previous year.

The fourth quarter included the initial sales of Apple’s Q3 product launches, such as the M2 Max and M2 Ultra versions of the Mac Studio, the new Mac Pro featuring Apple Silicon, and the 15-inch MacBook Air. It’s worth noting that products launched in the final weeks of the quarter, like the iPhone 15 series, the updated USB-C version of the AirPods Pro, USB-C EarPods, the Apple Watch Series 9, and the Apple Watch Ultra 2, had a limited impact on the Q4 results.

Looking ahead, the first quarter of 2024 is expected to see the most significant impact from Apple’s annual iPhone update, as the tech giant traditionally experiences a surge in revenue during this period.

In comments, Apple CEO Tim Cook said, “Today Apple is pleased to report a September quarter revenue record for the iPhone and an all-time revenue record in services.” He continued, “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon-neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon-neutral by 2030.”

“Our active installed base of devices has again reached an all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty,”

added CFO Luca Maestri

Apple also advised of its full-year results, with annual revenue of $383.3 billion down year-on-year from $394.3 billion.

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