Apple's overall revenues go down again for the fourth fiscal quarter in a row

Apple revealed its latest financial results today, this time for its fiscal year 2023 fourth quarter that ended on September 30, 2023. Overall revenues were $89.498 billion for the quarter, which was down slightly from $90.146 billion from the same period a year ago. This is the fourth quarter in a row that revenues went down from year to year.

Apple's net income for the quarter was $22.956 billion, up from $20.721 billion from the same period a year ago. As usual, iPhone sales had the biggest revenue numbers with $43.805 billion, up from $42.626 billion from the same period a year ago. Mac PC revenues took a big hit, bringing in $7.614 billion, well below the revenues of $11.508 billion from a year ago. iPad revenues for the quarter were $6.443 billion, down from $7.174 billion from a year ago. Just a reminder: Apple no longer offers any specific sales unit numbers for its hardware products.

Apple's wearables, home, and accessories division which includes its Apple Watch business, had revenues of $9.322 billion for the quarter, down slightly from $9.650 billion from the same period a year ago. The company's services division, which includes things like the App Store, Apple Music, and Apple TV+, had the biggest gain once again. It had revenues of $22.312 billion, up from $19.188 billion from the same period a year ago.

Apple CEO Tim Cook tried to put a good spin on today's results. In an interview with CNBC, Cook stated that sales of the iPhone 15, which launched in the last few days of its fiscal fourth quarter, were doing better than sales of last year's iPhone 14.

Cook also tried to explain the huge drop in Mac sales for the quarter:

Cook told CNBC that the Mac comparison is to “an all-time record” fourth quarter, which followed a huge supply disruption and pushed what would have been third-quarter sales into the last quarter of 2022. “So, the comparison point here is very difficult,” he said.

Cook predicted much better revenues for Macs in the current quarter, thanks to the reveal of the new MacBook Pro and iMac with Apple's new M3 chips earlier this week.

Source