Apple financial results: a Christmas quarter without too many surprises

The Californian firm published its financial results a few hours ago, forquarter 1 of fiscal year 2024. This corresponds to the fourth quarter of the calendar year 2023, including the months of October, November and December 2023. This is an exceptionally important period, since it includes Christmas shopping.

We talk in this article about quarter 4 of 2023 for everyone's good understanding.

Find below the most notable information that we noted from this new financial report.

Total revenue and profits

• Income:$119.6 billion
• Profits :$33.9 billion

Revenues recorded a slight increase compared to last year (+2.4 billion, or 2% increase), which however does not allow it to exceed the historic record of the Californian firm, established at 123.9 billion dollars for the 4th quarter of 2021.

In terms of profits, same observation. If the figure increases from one year to the next ($30 billion in profit in the 4th quarter of 2022, compared to 33.9 in the 4th quarter of 2023), the historic record of the last quarter of 2021 ($34.6 billion) is not beaten.

The quarter, however, remains positive compared to 2022, with better figures in both cases.

Figures by product category

iPhone: 2nd best quarter in Apple history

• $69.7 billion:here are the revenues recorded by the iPhone over the period. This is better than last year, but worse than in 2021. The trend is upwards in the long term, however.
• More than half of Apple's revenue:the iPhone continues to grab the biggest share of the pie. The machine actually accounts for 58% of the total revenue recorded by the Californian firm.

iPad and Mac: the first suffers, the second stagnates

• iPad revenue:7 billion dollars, a figure much lower than that of last year (-2.4 billion)
• Mac revenue:$7.8 billion, up slightly compared to 2022 (+0.1 billion)

iPad and Mac account for 6% and 7% of the Cupertino company's total revenue, respectively.

Services: how far will they go?

• Revenus records :23.1 billion dollars, new historic record (+2.3 billion compared to the same quarter of last year, +0.8 billion compared to the last quarter)

Service revenues continue to grow at Apple, they have almost doubled in 4 years.

Wearables, home and other accessories: has the fall already begun?

• Biggest drop:-11% drop in revenue for this product category year over year, with the worst number recorded since 2019 ($12 billion)

Comments from Tim Cook and his CFO

During the conference call taking place after the publication of the quarterly results, Tim Cook and his financial director Luca Maestri were able to support certain points and present others which were not necessarily highlighted in the figures.

And precisely, after having welcomed a quarter of record revenues for the Cupertino company (2nd best quarter in history), its CEO does not know how to ask to talk about the Vision Pro, the central element of the discussion. He assured that these days of February 2024 constitute aa real turning point in the history of the firm, but also IT more generally. He seemed completely convinced by his product.For Tim Cook, the Vision Pro is the future. We obviously imagine that this is also a question of a financial future for Apple, which must see in the headset a new means of earning money, while Macs and iPads are not in their greatest form.

Another big topic of the moment, AI, you will certainly have guessed it. Tim Cook providedcontinued investments in the field. Better yet, he certified that he has news to share on this subject later in the year. We hope that he is referring to the WWDC next June and the arrivald’iOS 18, which could see Siri take on a whole new dimension thanks to AI

Finally, Tim Cook assured that the drop in performance in China is nothing to worry about. He remains optimistic about the success of his products in the Middle Kingdom.

Editor-in-chief for iPhon.fr. Pierre is like Indiana Jones, looking for the lost iOS trick. Also a long-time Mac user, Apple devices hold no secrets for him. Contact: pierre[a]iphon.fr.