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Apple admitted that there are still some challenges in the iPhone 15 Pro supplies. Nonetheless, it also assured fans, investors, and analysts that the issue could soon end in its first fiscal quarter of 2024 once the supply and demand meet in the middle.
Apple shared the details during its Q4 2023 earnings this week. According to the company, its iPhone revenue dropped from $205.5 billion last year to $200.6 billion this year. On a positive note, it saw growth in the company’s fourth fiscal quarter of 2023 by reaching $43.8 billion, an increase from the previous $42.6 billion in the same period last year. Apple said it saw a September quarter revenue record for iPhones, with CEO Tim Cook adding iPhone 15 performance was better than iPhone 14.
“If you look at iPhone 15 for that period of time and compare it to iPhone 14 for the same time in the year-ago quarter, iPhone 15 did better than iPhone 14,” Cook told CNBC.
According to Cook, the main reason behind its total iPhone revenue fall was the iPhone 15 Pro and Pro Max supply constraints. Prior to the release of the series, it was reported that Apple dedicated huge portions of its initial launch shipments to the models, suggesting Apple’s huge faith that the models would have high demands.
After that, the Pro models were welcomed with high waiting times during their initial pre-order period. While high wait times could mean high demand, Counterpoint Research pointed out in September that supply issues also played huge roles. The Apple CEO confirmed it this week but said that it would end in the first quarter of its 2024 fiscal year.
“We do believe that later this quarter, we’ll reach a supply-demand balance,” Cook said.
When that happens, it should now be easier for customers to receive their iPhone 15 Pro and iPhone 15 Pro Max orders. While that is good news, it is still advised everyone to take this with a pinch of salt, especially now that the holiday season is approaching, a period when people usually purchase more tech products.
