Apple has reported latest quarterly revenue of $89.5 billion, down 0.66% from a year ago. It posted a net profit of $23 billion, up 11.11% YoY and quarterly earnings per diluted share of $1.46, up 13% YoY for the financial year Q4 2023 that ended September 30, 2023.
During the earnings call, CEO Tim Cook said that Apple has set a September quarter revenue record for iPhone and an all-time revenue record in Services.
In fiscal 2023, Apple achieved revenue of $383.3 billion and net profit of $97 billion, down 2.8% annually.
Apple also said that it has achieved an all-time revenue record in India, as well as September quarter records in several countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, Vietnam and more.
- Products revenue was $67.2 billion, down 5% over last year due to very challenging compares on both Mac and iPad
- Services revenue set an all-time record of $22.3 billion, a 16% year-over-year increase. All-time revenue records in the Americas, Europe and rest of Asia-Pacific and a September quarter record in Greater China. Apple expects iPhone 15 Pro series supply demand balance by the end of the quarter
- iPhone revenue was $43.8 billion, 3% higher than a year ago, and a new record for the September quarter. All-time record in India and September quarter records in Canada, Latin America, the Middle East, and South Asia.
- iPad generated $6.4 billion in revenue, down 10% year-over-year. Similar to Mac, since there were supply disruptions in the June quarter a year ago and the subsequent fulfillment of pent-up demand in the September quarter.
- Mac revenue was $7.6 billion, down 34% year-over-year from the prior year’s record quarter due to challenging market conditions, as well as difficult compares against the supply disruptions and subsequent demand recapture we experienced a year ago.
- Wearables, Home and Accessories revenue was $9.3 billion. down 3% year-over-year. September quarter record in Europe and strong performance in several emerging markets around the world.
- Over 1 billion paid subscriptions across the services, nearly double the number we had only three years ago.
Apple said that are expanding direct presence in these markets from new Apple retail stores in India to online stores in Vietnam and Chile.
Expectations for December Quarter
Despite having one less week this year, Apple expects December quarter, total company revenue to be similar to last year. It expects iPhone revenue to grow year-over-year on an absolute basis. It also expects
Apple also expects Mac year-over-year performance to significantly accelerate from the September quarter. It expects the year-over-year revenue performance for both iPad and Wearables, Home and Accessories to decelerate significantly from the September quarter due to a different timing of product launches.
Speaking on Apple’s FY Q4 2023 earnings results, Apple CEO, Tim Cook, said,
Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services. 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.