Apple announces Q4 2023 earnings, beating expectations with $89.5 billion revenue

Apple has its fiscal year 2023 Q4 earnings results. The company reports $89.50 billion in revenue during the three-month period.

Analysts expected revenue around $84.18 billion. The company reported revenue of $90.15 billion for the same quarter a year ago.

The quarter includes initial sales for iPhone 15. Apple also released the 15-inch MacBook Air during the quarter.

Earlier this week, Apple unveiled the M3 iMac and 14-inch MacBook Pro as well as M3 Pro and M3 Max 14- and 16-inch MacBook Pros. M3 Macs start shipping next week and will appear in Apple’s fiscal year 2024 Q1 results.

Apple also recently raised prices for Apple TV+, Apple Arcade, and Apple News+. These changes will occur throughout the next reported quarter.

Revenue for the previous quarter consists of $43.8 billion from iPhone, $22.3 billion from services, $9.3 billion from wearables, $7.6 billion from Mac, and $6.4 billion from iPad. The company earned $22.96 billion in profit.

Apple CEO Tim Cook:

“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”

Apple CFO Luca Maestri:

“Our active installed base of devices has again reached a new all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty,” said Luca Maestri, Apple’s CFO. “During the September quarter, our business performance drove double digit EPS growth and we returned nearly $25 billion to our shareholders, while continuing to invest in our long-term growth plans.”

Cook also provides comments to CNBC that are released alongside earnings reports.

“If you look at iPhone 15 for that period of time and compare it to iPhone 14 for the same time in the year-ago quarter, iPhone 15 did better than iPhone 14,” Cook told CNBC’s Steve Kovach. He added that Apple’s more expensive Pro and Pro Max iPhones were supply constrained because of high demand.  […]

Cook told CNBC that the Mac comparison is to “an all-time record” fourth quarter, which followed a huge supply disruption and pushed what would have been third-quarter sales into the last quarter of 2022. “So, the comparison point here is very difficult,” he said. 

“I think the Mac is going to have a significantly better quarter in the December quarter. We’ve got the M3, we’ve got the new products, and we don’t have the compare phenomenon on a year-over-year basis,” Cook said, referring to an unusually strong market for Macs in 2022.  

Cook said that that overall market for personal computers is “challenging.” 

Apple will hold its conference call today at 2 pm Pacific/5 pm Eastern to discuss the quarter. Both Cook and Maestri will share prepared remarks then answer a round of questions from analysts on the call. You can listen along here. We’ll report back if any news is made during the call.

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