Published , by Bill Lavoy
Published , by Bill Lavoy
Apple (AAPL) reported its Q3 2023 earnings today, shedding light on the fact that revenue was down for iPhone, Mac, and iPad in comparison to Q3 2022. It’s worth noting that revenue for wearables, such as the Apple Watch, were slightly up.
iPhone revenue came in at $39.669 billion for Q3 2023, which is an astronomical amount of money. However, this is down 2.45 percent from Q3 2022. Mac revenue came in at $6.840 billion for the quarter, down 10.36 percent year-on-year. iPad revenue was $5.791billion, down 19.84 percent year-on-year.
The news wasn’t all down for the world’s largest company. Wearables, such as the Apple Watch, brought in $8.284 billion during Q3 2023, which was up 2.47 percent from Q3 2022. Similarly, services grew 8.2 percent from Q3 2022, with Apple reporting $21.213 in revenue. According to Apple CEO, Tim Cook, the company “…had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions.”
While there were some bright spots, revenue for Apple was $81.797 billion, down 1.4 percent in Q3 2023 compared to Q3 2022.
You can read the full Apple Q3 2023 earnings report, as well as the Q3 2022 earnings report to see a full list of comparable hardware and services revenue as we’ve outlined above. You can also follow along with the financial reporting of the world's largest company using our Apple news topic.