Apple Q3 2023 Results

Jason Snell, Six Colors:

Apple announced its results for its fiscal third quarter on Thursday. As expected, it was a down quarter — though at a 1% drop over the year-ago quarter, it’s a better result than the previous quarter, which was down 3% year-over-year. The company reported $81.8B in revenue and $19.9B in profit.

The three key hardware categories were all down year-over-year: Mac was down 7%, iPad was down 20%, and the all-important iPhone was down 2%. Things were a little different in the two portions of Apple’s business that have shown indefatigable growth in recent years: Services revenue was up 8% and the Wearables, Home, and Accessories category was up 2%.

In a press release accompanying the results, Apple CFO Luca Maestri trumpeted that it has broken the billion paid subscriptions barrier.

No big surprises. Still lots of switchers coming to iPhone and Mac, and a lot of first-time iPad buyers. That, to me, is a healthy pulse check.

Thursday, 3 August 2023