Apple has reported its fiscal 2023 fourth-quarter earnings, revealing a slight dip in sales by 1 percent, amounting to $89.50 billion for the period ending on September 30, 2023. However, the tech giant’s net income exhibited a notable 11 percent increase, reaching $22.96 billion.
Over the past 12 months, Apple’s financial performance has been robust, with a total of $383.29 billion in sales and $97 billion in net income.
Apple’s sales performance for the fourth quarter of 2023 indicates mixed results for the tech giant. Here’s the breakdown of Apple’s sales during this period:
iPhone sales amounted to $43.80 billion, a decrease from $42.626 billion.
Mac sales reached $7.61 billion, down from $11.508 billion.
iPad sales were $6.44 billion, down from $7.174 billion.
Sales of Wearables, Home, and Accessories amounted to $9.32 billion, slightly less than the previous figure of $9.650 billion.
Services sales reached $22.31 billion, an increase from $19.188 billion.
For the full fiscal year, Apple’s sales stood as follows:
iPhone sales reached $200.58 billion, down from $205.489 billion.
Mac sales were $29.35 billion, a decrease from $40.177 billion.
iPad sales amounted to $28.3 billion, down from $29.292 billion.
Sales of Wearables, Home, and Accessories were $39.84 billion, a decrease from $41.241 billion.
Services sales reached $85.2 billion, up from $78.129 billion.
These figures illustrate a complex performance for Apple in the given period.
Apple is currently facing intensified competition in the smartphone market, particularly with Huawei Technologies re-entering the field with new smartphones powered by Chinese-made chips. This resurgence comes after Huawei was largely excluded from the market for several years due to U.S. government trade restrictions.
In China, Apple’s sales saw a slight decline, dropping to $15.08 billion in the fourth quarter, compared to $15.47 billion in the same period the previous year. Over the course of the past year, Apple’s sales in China decreased to $72.559 billion, down from $74.200 billion in the previous fiscal year.
Sales in the Rest of Asia Pacific, which includes India, also experienced a decline, falling to $6.331 billion in the fourth quarter from $6.373 billion in the same period a year ago.
Despite the challenges, Apple CEO Tim Cook in its earnings report noted that the company set a quarterly record for iPhone sales in mainland China during the September quarter, with four out of the top five best-selling smartphones in urban China being Apple devices.
Apple provided a cautious sales forecast for the holiday quarter, citing weak demand for iPads and wearables. Apple’s Chief Financial Officer, Luca Maestri, informed analysts that sales for the current quarter, traditionally a strong period for Apple due to new iPhone models and the holiday season, are expected to be similar to the previous year.
Tim Cook mentioned that the company’s high-end iPhone models, the iPhone 15 Pro and Pro Max, are currently facing supply constraints. While Apple has managed to navigate the global smartphone market better than many competitors, it continues to face economic uncertainties in China, a vital market for the company.
Baburajan Kizhakedath
