Apple has reported latest quarterly revenue of $81.8 billion, down 1.44% from a year ago, which is better than the expectations. It posted a net profit of $19.9 billion, up 2.57% YoY and quarterly earnings per diluted share of $1.26, up 5% YoY for the financial year Q3 2023 that ended July 1, 2023.
During the earnings call, Apple CEO Tim Cook said that the company continued to see strong results in emerging markets, driven by robust sales of iPhone with June quarter total revenue records in India, Indonesia, Mexico, the Philippines, Poland, Saudi Arabia, Turkey and the UAE.
Apple also set June quarter records in a number of other countries as well, including France, the Netherlands and Austria.
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- Products revenue was $60.6 billion, down 4% from last year due to FX headwinds and an uneven macroeconomic environment.
- Installed base reached an all-time high across all geographic segments, driven by a June quarter record for iPhone switchers and high new-to rates in Mac, iPad and Watch, coupled with very high levels of customer satisfaction and loyalty.
- Services revenue set an all-time record of $21.2 billion, up 8% year-over-year, and grew double digits in constant currency.
- All-time Services revenue records in Americas and Europe and June quarter records in Greater China and rest of Asia Pacific.
- iPhone revenue was $39.7 billion, down 2% year-over-year but grew on a constant currency basis.
- iPhone revenue records in several markets around the world, including an all-time record in India and June quarter records in Latin America, the Middle East and Africa, Indonesia, the Philippines, Italy, the Netherlands and the U.K.
- iPhone active installed base grew to a new all-time high, thanks to a June quarter record in switchers.
- iPad revenue was $5.8 billion, down 20% year-over-year and in line with Apple’s expectations. These results were driven by a difficult compare against the full quarter impact of the iPad Air launch in the prior year, according to Apple
- iPad installed base grows, with over half of the customers who purchased iPads during the quarter being new to the product.
- Mac generated $6.8 billion in revenue, down 7% year-over-year. Almost half of Mac buyers during the quarter were new to the product.
- Wearables, Home and Accessories revenue was $8.3 billion, up 2% year-over-year, with a June quarter record in Greater China and strong performance in several emerging markets.
- 1 billion paid subscriptions across the services on our platform, up 150 million during the last 12 months and nearly double the number of paid subscriptions 3 years ago.
Speaking on Apple’s FY Q2 2023 earnings results, Apple CEO, Tim Cook, said,
We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone. From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.