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In a stellar performance, Apple has announced its fiscal year 2023 Q4 earnings, boasting an impressive $89.50 billion in revenue over the past three months. This figure surpasses analysts’ expectations, who had anticipated revenue to be around $84.18 billion. Comparatively, during the same quarter last year, Apple reported revenue of $90.15 billion.
This strong showing can be attributed in part to the initial sales of the highly anticipated iPhone 15 line, alongside the launches of the Apple Watch Series 9, Apple Watch Ultra 2, and the USB-C AirPods Pro 2.
Adding to their lineup, Apple recently unveiled the M3 iMac and 14-inch MacBook Pro, as well as the M3 Pro and M3 Max 14- and 16-inch MacBook Pros. The M3 Macs are set to start shipping next week and will factor into Apple’s fiscal year 2024 Q1 results.
Furthermore, Apple has implemented price adjustments for its services including Apple TV+, Apple Arcade, and Apple News+. These changes are set to take effect throughout the upcoming reported quarter.
Breaking down the revenue for the previous quarter, we see $43.8 billion attributed to iPhone sales, $22.3 billion from services, $9.3 billion from wearables, $7.6 billion from Mac, and $6.4 billion from iPad, culminating in a remarkable profit of $22.96 billion.
Apple CEO Tim Cook expressed his satisfaction with the results, stating, “Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services. We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon-neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon-neutral by 2030.”
Adding to the positive outlook, Apple CFO Luca Maestri highlighted, “Our active installed base of devices has again reached a new all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty. During the September quarter, our business performance drove double-digit EPS growth and we returned nearly $25 billion to our shareholders while continuing to invest in our long-term growth plans.”
Cook also shared insights with CNBC, indicating that the iPhone 15 outperformed its predecessor, the iPhone 14, during the same period. He acknowledged that the demand for the pricier Pro and Pro Max iPhones had led to supply constraints.
In regards to the Mac, Cook acknowledged a challenging comparison due to an “all-time record” fourth quarter in the previous year, which was influenced by a significant supply disruption. Looking ahead, he expressed confidence in the upcoming quarter, citing the introduction of the M3 and other new products, with no similar supply disruptions to contend with.
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Cook also noted the broader market for personal computers is presenting some challenges. Apple’s conference call to discuss the quarter’s results will be held at 2 p.m. Pacific/5 p.m. Eastern, where both Cook and Maestri will provide prepared remarks and field questions from analysts. For those interested, the call can be listened to here, with any noteworthy updates to be reported promptly.