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Apple‘s fiscal Q3 earnings report for 2023 shows an assortment of wins and losses for the company. To start, its revenue slipped to $81.80 billion, a 1% YOY drop and the third consecutive YOY decline in quarterly revenue for the company. Meanwhile, its profit hit $19.88 billion, translating to a 2% increase. The company also shared the details about the revenue of its different businesses, with iPhone experiencing a 2% YOY decline. On a positive note, Apple CEO Tim Cook stressed that its services revenue saw an 8% growth from a year ago.
“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,” said Cook. “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.”
On the other hand, iPhone’s revenue experienced a slight drop during the quarter after it fell to $39.67 billion from $82.96 billion in Q3 2022, resulting in a 2% YOY decline. While this sounds bad, such a result is somehow expected since the June quarter is usually slow for Apple as many people wait for the release of new iPhone models in September.
In relation to that, Apple executives believe that the company will see improvements in iPhone revenue in the fourth quarter of the year. The same thing is expected toward services revenue, while Apple CFO Luca Maestri said the Mac and iPad revenue could experience a decline by double digits “due to difficult compares.”
Here are more details shared by Apple for its fiscal Q3 earnings:
Revenue: $81.80 billion Q3 2023 – $82.96 billion Q3 2022
iPhone: $39.67 billion Q3 2023 – $40.67 billion Q3 2022
Services: $21.21 billion Q3 2023 – $19.60 billion Q3 2022
Mac: $6.84 billion Q3 2023 – $7.38 billion Q3 2022
iPad: $5.79 billion Q3 2023 – $7.22 billion Q3 2022
Wearables: $8.28 billion Q3 2023 – $8.08 billion Q3 2022
