Apple released its financial report in the last three months of 2023, the first quarter of its fiscal year. Total revenue and sales are declining year by year as the supply chain issues limited inventory. The company highlighted some of the positives of the bleak scenario: There are now 2 billion devices in active use, and the service business is recording the highest revenue ever.
Total sales for the three months ended December 31, 2022 were $117.1 billion, compared to $123.9 billion for the same period 12 months ago. Net income of nearly $30 billion is down 13% from $34.6 billion.
Apple stopped disclosing unit counts long ago and now only lists earnings by category. iPhones account for more than half of sales, but are still down 8% from last year. The services business generated $20.8 billion in revenue between Oct. 2022 and Dec. 2022, up 6% annually. The only other product category to rise slightly was the iPad, where he jumped almost 30% from $7.2 billion to $9.3 billion.
| (one million dollars) | Until December 31, 2022 | Until December 25, 2021 | change |
| iPhone sales | 65,775 | 71,628 | -8% |
| mac sale | 7,735 | 10,852 | -28% |
| Sale of iPads | 9,396 | 7,248 | 28% |
| Sales of wearables, homes and accessories | 13,482 | 14,701 | -8% |
| service sales | 20,766 | 19,516 | 6% |
| total sales | 117,154 | 123,945 | -Five% |
| net income | 29,998 | 34,630 | -13% |
Apple CEO Tim Cook says the company has “the best line of products and services ever.” CFO Luca Maestri added that while revenue may appear to be declining on paper, it is actually increasing on a constant currency basis. The company generated his $34 billion in cash flow, and with a cash dividend of $0.23 per share he returned more than $25 billion to shareholders.
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