iTWire - Apple's revenue drops, but profit rises in third fiscal quarter
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Monday, 07 August 2023 08:09
Apple's revenue drops, but profit rises in third fiscal quarter Featured
By Sam Varghese
Apple has recorded quarterly revenue of US$81.8 billion (A$124.5 billion) for its third fiscal quarter which ended on 30 June, a drop of 1% year-on-year, the company said on Thursday.
Revenue from key products like the iPhone, Mac and iPad all showed a downward trend, but the company increased its revenue in China and Europe.
Apple's net profit for the quarter rose year-on-year, from US$19.44 billion to US$19.88 billion. iPhone sales came in at US$39.7 billion, down 2% year-on-year.
Apple chief executive Tim Cook said: "“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over one billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone.
The company's chief financial officer, Luca Maestri, added: “Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment.
“During the quarter, we generated very strong operating cash flow of US$26 billion, returned over US$24 billion to our shareholders, and continued to invest in our long-term growth plans.”
In a related development, the technology analyst firm Counterpoint Research claimed Apple's smartphone revenue and operating profit hit records of 45% and 85% for the three months to June, the second quarter of the calendar year, but the third fiscal quarter for Apple.
The analyst firm did not provide any figures to back up its statements, only percentages.
Counterpoint said Apple's performance came at a time when global smartphone revenues fell by 8% year-on-year and 15% quarter-on-quarter to less than US$90 billion, the lowest 2Q figure since 2020 when the pandemic was at its height. It added that corresponding operating profit declines were 3% and 27% respectively.
Research director Jeff Fieldhack said: “Apple’s shipments declined by 3% year-on-year while the smartphone market declined by 9% in the same period. At the same time, its average selling price increased, thanks to a growing contribution of the iPhone Pro series, declining contribution of the SE series and the replacement of the Mini in iPhone 13 with a Plus in iPhone 14.
"As a result, while Apple’s iPhone revenue declined by 2% annually, its revenue share grew, reaching a second-quarter record of 45%. This is up by almost 3% since the corresponding quarter last year. Its share of global operating profits also grew by 4% since 2Q 2022, reaching 85%, another second quarter record for Apple.”
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