Apple Q1 2023 Results

Apple Newsroom:

Apple today announced financial results for its fiscal 2023 first quarter ended December 31, 2022. The Company posted quarterly revenue of $117.2 billion, down 5 percent year over year, and quarterly earnings per diluted share of $1.88.

“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”

From Apple’s Consolidated Financial Statements (PDF), and Jason Snell’s ever-essential charts of that data:

  • iPhone revenue was down 8% year over year, seemingly attributable to COVID-19 production problems in China preventing Apple from meeting demand. (Also currency exchange rates hit Apple across the board.)
  • Mac revenue was down 29%, attributable, at least partially, to the just-launched-this-month new MacBook Pros and Mac Minis not having launched back in October. But I think Mac sales were destined to decline. They jumped two years prior during COVID lockdowns, when people who might otherwise have waited longer before buying bought new MacBooks for work-from-home and school-from-home. (Remember: the quarter prior to Apple silicon’s debut — despite the transition having been announced — was the best-ever quarter for Mac sales at the time.) And then sales got another one-time bump with the first generation of Apple silicon Macs, which many many people were waiting for.
  • iPad revenue was up 30%. It appears the new models that launched in October are successful.
  • Wearables revenue dropped 8%.
  • Services revenue grew 6%.

Not bad.

★ Thursday, 2 February 2023