Apple announces fourth quarter financial results for fiscal year 2023

Apple disclosed its financial results for the fourth fiscal quarter of 2023 (ending September 30, 2023), revealing quarterly revenue of $89.498 billion, a year-over-year decline of 1%, marking the longest consecutive quarterly decline since 2001. Net profit amounted to $22.956 billion, ascending by 11.1% year-over-year. Diluted earnings per share rose to $1.46, surpassing the prior year’s $1.29 by 13%. The gross margin expanded to 45.2%, eclipsing last year’s 42.3%. Despite outstripping market expectations across revenue, net profit, and earnings per share, Apple still recorded its longest stretch of year-over-year declines in more than two decades.

In terms of revenue composition, the iPhone stood as the cornerstone of Apple’s product suite, with its revenue increasing from $42.626 billion in the same period last fiscal year to $43.805 billion, a modest growth of 3%. This increment is notable as the sole rise among all of Apple’s hardware product lines last quarter, somewhat indicative of the iPhone 15 series withstanding market pressures. Mac revenues witnessed a steep descent of 34% year-over-year, falling to $7.614 billion from last year’s $11.508 billion. iPad revenues also retracted by 10% to $6.443 billion from the previous year’s $7.174 billion, marking the most pronounced decline among the hardware sectors. Wearables, home products, and accessories brought in revenues of $9.322 billion, a decrease of 3% from the prior year’s $9.65 billion. Services continued their upward trajectory with revenues swelling by 16% to $22.314 billion, up from $19.188 billion the previous year.

In this fiscal quarter, revenues receded across all regions except for the Americas. Notably, the Greater China region saw a 2.5% year-over-year revenue drop to $15.084 billion. The most significant downturn was observed in Japan, where revenue dipped by 3% from $5.7 billion in the previous year to $5.505 billion.