Apple reported a mixed fiscal Q4 2023 (which ran to 30 September) with a fourth consecutive quarter of year-on-year declines in revenue due in part to slumping Mac sales, though it set an all-time record in services.
CEO Tim Cook (pictured) used its earnings call to highlight better-than-expected iPhone revenue. The device again accounted for about half of Apple’s sales, potentially aided by the launch of its latest flagship in late September.
Cook stated iPhone sales in China were a record for its fiscal Q4 and noted it plans to open another retail store in the country this week.
Revenue from China fell 2.5 per cent to $15 billion as it faces competition from Huawei’s new Mate 60 series and a ban on the use of iPhones by government departments.
Services revenue grew 16.3 per cent to $22.3 billion.
Overall iPhone sales grew 2.8 per cent to $43.8 billion.
Mac sales fell 34 per cent to $7.6 billion and iPad 10 per cent to $6.4 billion: Cook and CFO Luca Maestri cited supply disruptions from factory shutdowns in June 2022 as a factor in the declines.
Wearables, home and accessories revenue fell from $9.7 billion to $9.3 billion.
Net income grew 11 per cent to $29.9 billion on revenue of $89.5 billion, down 1 per cent.
Full year net income fell from $99.8 billion in the period to 24 September 2022 to $97 billion, and revenue from $394.3 billion to $383.3 billion.
Vision Pro release
Cook also revealed sales of its $3,499 AR headset Vision Pro would be limited to official Apple stores rather than any online availability when it goes on sale in 2024.
“There’s never been a product like the Vision Pro,” he asserted, explaining launching in stores only means Apple “can really put a great deal of attention on the last mile of it”.
“We’ll be offering demos in the stores and it will be very different process than the normal grab-and-go”.
CCS Insight principal analyst Leo Gebbie noted the Vision Pro device is “ultra-premium” and “was always going to require a tailored, concierge sales service”.
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