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Apple revenue down 5%, sees biggest quarterly drop in six years – Times of India

Apple announced results for its fiscal 2023 first quarter, which ended on December 31, 2022. For the quarter, Apple’s revenue stood at$117.2 billion, which was down 5 per cent year over year. Revenue from iPhone was also down as was from Mac range of devices. However, for its Services business, Apple hit an all-time record.

Relatively tough quarter for Apple

Apple CEO Tim Cook said that “as we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do.” He also revealed that Apple hit a major milestone in the quarter “are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”
“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” said Luca Maestri, Apple’s CFO. “We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”
Revenue from came stood at $65.8 billion for the quarter, down 8% year over year. This, as per Maestri, was because of significant foreign exchange headwinds, supply constraints on iPhone 4 Pro and iPhone 14 Pro Max, and a challenging macroeconomic environment.
“In spite of these circumstances, we set all-time iPhone revenue records in Canada, Italy, and Spain, and saw strong growth in several emerging markets, including all-time iPhone revenue records for India and Vietnam,” he added.
Mac revenue was $7.7 billion, down 29% year over year and Apple said that the decline was in line with its expectations. On the other hand, iPad revenue was $9.4 billion, up 30% year over year.

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