Apple’s revenue declines for fourth quarter in a row – Kommersant
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Late yesterday evening, November 2, Apple Corporation submitted reports for the fourth quarter and fiscal 2023 as a whole, ending September 30. The company’s revenue in the fourth quarter decreased by 1%, to $89.5 billion. Thus, Apple’s revenue declined for the fourth quarter in a row. Net profit during this period increased by 11%, amounting to almost $23 billion. For the year as a whole, Apple’s revenue decreased by almost 3%, to $383.3 billion. Net profit also decreased by about 3%, to $97 billion.
Apple’s quarterly and annual results were in line with analysts’ forecasts. But investor concern was caused by the company’s management’s statement that in the first quarter of the next fiscal year its revenue will be approximately at the level of last year. After the publication of the report, Apple shares fell by 3%.
Apple’s revenue decline is primarily due to declining sales in China, which is the company’s third largest market. In this region, Apple’s sales are negatively affected by the general economic slowdown, as well as increasing competition from Huawei. Additionally, The Wall Street Journal previously wrote citing sources that Chinese authorities have banned local officials from using iPhones for official purposes and bringing them to work. In the fourth quarter, Apple’s China revenue fell 2.5% to $15.1 billion.
As for certain categories of Apple products, iPhone sales for the quarter increased by 2.8%, to $43.8 billion. In September, Apple introduced the new iPhone 15 model. Mac sales decreased by 33% for the quarter, to $7.6 billion, and iPad – by 9%, to $6.4 billion. At the same time, revenue from services increased significantly (this division, among other things, includes the music streaming service Apple Music and the video service Apple TV+) – by 16%, to $22.3 billion.
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