Apple published its financial report for the last three months of 2023, which is the first quarter of its fiscal year. Total revenue and sales are down year-on-year as the supply chain issues limited inventory. The company highlighted some positives in the gloomy scenario – it now has 2 billion devices in active use and recorded record revenue in the Services business.
Total sales for the three months ended December 31, 2022 were $117.1 billion, compared to $123.9 billion in sales in the same period twelve months ago. Net income of nearly $30 billion is down 13% from $34.6 billion.
Apple stopped disclosing unit numbers a long time ago and now only lists revenue per unit. category. iPhones account for more than half of sales, but are still down 8% from last year. The Services business had $20.8 billion in revenue between October and December 2022, up 6% annually. The only other product category that saw a slight increase is iPads, jumping nearly 30% from $7.2 billion to $9.3 billion.
| (in millions of dollars) | Period ending 31 December 2022 | Period ending on 25 December 2021 | Change |
| iPhone sales | 65,775 | 71,628 | -8% |
| Mac sales | 7,735 | 10,852 | -28% |
| iPad sales | 9,396 | 7,248 | 28% |
| Sale of wearables, housing and accessories | 13,482 | 14,701 | -8% |
| Sale of services | 20,766 | 19,516 | 6% |
| Total sales | 117,154 | 123,945 | -5% |
| Net income | 29,998 | 34,630 | -13% |
Tim Cook, Apple’s chief executive, said the company has “the best range of products and services ever”. CFO Luca Maestri added that on paper revenue may appear to be falling, but on a constant currency basis it was actually growing. The company generated $34 billion in cash flow and managed to return over $25 billion to shareholders with a cash dividend of $0.23 per share. stock.
