Apple buoyed by iPhone results, but revenue slips - Mobile World Live

Apple buoyed by iPhone results, but revenue slips

05 MAY 2023

Apple posted an increase in iPhone revenue in fiscal Q2 2023 (the period to 1 April) despite a challenging macroeconomic environment and foreign exchange headwinds, with CEO Tim Cook (pictured) stating it set records for sales of smartphones and services.

Cook stated Apple expanded a satellite-based SOS service on its iPhone 14 line-up to six additional countries to bring its total to 12.

“We achieved all time revenue records across App Store, Apple Music, iCloud and payment services,” he stated.

Overall revenue declined 3 per cent year-on-year to $94.8 billion, which Cook noted was better than the company’s expectations.

Net income fell from $25 billion to $24.1 billion.

Revenue for iPhone of $51.3 billion was up 1.5 per cent.

Services set an all-time revenue record of $20.9 billion compared with $19.8 billion in the comparable period of its fiscal 2022.

Cook noted it now has more than 975 million paid subscriptions.

Mac revenue of $7.1 billion was down from 10.3 billion and iPad dropped from $7.6 billion to $6.6 billion.

Cook attributed the numbers to macroeconomic challenges, foreign exchange headwinds and a difficult comparison to 2022, when Apple rolled-out its M1 chip across those devices.

Wearables home and accessories revenue was $8.7 billion compared with $8.8 billion.

Apple’s board authorised $90 billion for stock repurchases.



Mike Robuck

Mike Robuck is the U.S. Editor at Mobile World Live. He joined the Mobile World Live staff in February of 2022. Prior to joining GSMA, he was editor of FierceTelecom and of Light Reading’s Telco Transformation microsite. He has a...

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