Apple reports Q4 2023 results: $89.5 billion in revenue, down 1%

Apple has posted its fiscal fourth-quarter 2023 results on its investor relations site: $89.5 billion in revenue and $23.0 billion in net income.

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So if you’ve seen claims of a $114.5 billion quarter, those don’t match Apple’s official numbers.

By Apple’s own reporting, the quarter was down 1% year over year. For the full fiscal year, Apple posted $383.3 billion in revenue, versus $394.3 billion in 2022, so 2023 wasn’t Apple’s best revenue year ever.

There were still some bright spots. Apple said iPhone revenue reached a September-quarter record of $43.8 billion, even though Counterpoint Research reported a 20% drop in global smartphone shipments. Services also rose to a record $22.3 billion from $19.2 billion, and Apple said its active installed base hit a new high too.

The rest of the hardware picture was weaker. Total product revenue fell to $67.2 billion from $70.9 billion, and Mac revenue came in at $7.6 billion, down 34%, according to Apple. iPad and wearables demand was softer as well. Then you have memory shortages, higher memory prices, and a $33 billion quarter-to-quarter jump in manufacturing purchase commitments in Apple’s filings, as Apple kept pushing supply diversification into India while Greater China remained a difficult market.

If you follow Apple closely, here’s the update: a mixed quarter, and you can read the full report on Apple’s investor relations site.

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Author: Chema Carvajal Sarabia

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