Apple has published its earnings for the first quarter of 2023 ending on December 31, 2022. With a 5% Year-on-Year decline, the company posted quarterly revenue of $117.2 billion and quarterly earnings per diluted share of $1.88.
In the same quarter last year, the company hit a new all-time record revenue of $123.9 billion with an 11% Year-on-Year growth and quarterly earnings per diluted share of $2.10.
Apple’s iPad and Service sales saw growth while iPhone and Mac saw a decline in Q1, 2023
Apple product sales declined from $104.4 billion in Q1, 2022 to $96.3 billion in Q1, 2023 but Services sales saw a slight improvement from $19.5 billion in Q1, 2022 to $20.7 billion in Q1, 2023. Here is the category-wise breakup for earnings in the first quarter of 2023:
- iPhone – $65.77 billion (down from $71.628 billion for the same quarter the previous year)
- Mac – $7.73 billion (down from $10.852 billion for the same quarter the previous year)
- iPad – $9.39 billion (up from $7.248 billion for the same quarter the previous year)
- Wearable, Home, and Accessories – $13.48 billion (down from $14.701 billion for the same quarter the previous year)
- Services – $20.76 (up from $19.516 for the same quarter the previous year)
Apple CEO Tim Cook celebrated the growth in the company’s install base and expressed resilience against challenges.
“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. 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.”
Apple’s Luca Maestri said that in spite of supply constraints and macroeconomic issues, the company achieved a $34 billion operating cash flow and record revenue in Services.
“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis. We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”