Apple has released its financial report for the last three months of 2023, which is the first quarter of its fiscal year. Total revenue and sales are down year-on-year as the supply chain issues limited inventories. The company has highlighted some of the positives in the bleak scenario: It now has 2 billion devices in active use and has had record revenue in the services sector.

Apple's Q4 report: iPhone sales are down, but 2 billion active devices have been reached

Total sales for the three months ended December 31, 2022 were $117.1 billion, while the same period twelve months ago had sales of $123.9 billion. Net income of nearly $30 billion was down 13% from $34.6 billion.

Apple stopped disclosing unit numbers a long time ago and now only lists revenue by category. iPhones account for more than half of sales, but are still down 8% from last year. The services business reported $20.8 billion in revenue between October and December 2022, an increase of 6% annually. The only other product category that saw a slight increase was iPads, which jumped nearly 30% from $7.2 billion to $9.3 billion.

(in millions of dollars) Period ending 31 December 2022 Period ending December 25, 2021 Edit
iPhone sales 65,775 71,628 -8%
Mac Sales 7,735 10,852 -28%
iPad sales 9,396 7,248 28%
Sales of Wearables, Home and Accessories 13,482 14,701 -8%
Service sales 20,766 19.516 6%
Total sales 117,154 123,945 -5%
Net income 29,998 34,630 -13%

Tim Cook, Apple’s CEO, said the company has “the best range of products and services ever.” CFO Luca Maestri added that paper revenues may appear to be declining, but in constant currency they have actually grown. The company generated $34 billion in cash flow and was able to return more than $25 billion to shareholders, with a cash dividend of $0.23 per share.

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Philip Owell

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