Apple has published its earning report for the third quarter of 2023 ending on July 1. The tech giant reported quarterly revenue of $81.8 billion with a 1% year-over-year decline in revenue for the same quarter the previous year. It also reported quarterly earnings per diluted share of $1.26, up 5% Y-o-Y.
During the third quarter from April to June, Apple launched new products and services. At the June event announced the new 15-inch MacBook Air with an M2 chip, Mac Studio with M2 Max and M2 Ultra, and Mac Pro with M2 Ultra which were available later that month. The company also unveiled its first AR/VR headset Vision Pro which will be available in early 2024 in the United States for $3,500.
Tim Cook, Apple’s CEO
“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone. From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”
Apple Services saw another impressive quarter with $21.2 billion in revenue in Q3, 2023
According to the latest earning report, there was a decline in iPhone, Mac, and iPad sales but Service and Wearable, Home, and Accessories saw growth.
- iPhone – $39.669 billion (down from $40.665 billion in Q3, 2022)
- Mac – $6.840 billion (down from $7.382 billion in Q3, 2022)
- iPad – $5.791 billion (down from $7.224 billion in Q3, 2022)
- Wearable, Home, and Accessories – $8.28 billion (up from $8.08 billion in Q3, 2022)
- Services – $21.21 billion (up from $19.60 billion in Q3, 2022)
In the second quarter of 2023, the tech giant reported $94.8 billion in revenue with a 3% year-on-year decline. Its quarterly earnings per diluted share of $1.52 remained unchanged. Although the June quarter saw an improvement in performance from the March quarter, the third quarter usually records low revenue because of the launch of new devices in September.
Having said that the tech company did reach an all-time high install base in Q3, 2022. Luca Maestri, Apple’s CFO said:
“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”