{"id":40997,"date":"2023-11-03T21:55:48","date_gmt":"2023-11-04T01:55:48","guid":{"rendered":"https:\/\/mjtsai.com\/blog\/?p=40997"},"modified":"2024-05-02T16:32:07","modified_gmt":"2024-05-02T20:32:07","slug":"apples-q4-2023-results","status":"publish","type":"post","link":"https:\/\/mjtsai.com\/blog\/2023\/11\/03\/apples-q4-2023-results\/","title":{"rendered":"Apple&rsquo;s Q4 2023 Results"},"content":{"rendered":"<p><a href=\"https:\/\/www.apple.com\/newsroom\/2023\/11\/apple-reports-fourth-quarter-results\/\">Apple<\/a> (<a href=\"https:\/\/sixcolors.com\/post\/2023\/11\/this-is-tim-apple-q4-2023-analyst-call-transcript\/\">transcript<\/a>, <a href=\"https:\/\/news.ycombinator.com\/item?id=38120139\">Hacker News<\/a>, <a href=\"https:\/\/www.macrumors.com\/2023\/11\/02\/apple-4q-2023-results\/\">MacRumors<\/a>:<\/p>\n<blockquote cite=\"https:\/\/www.apple.com\/newsroom\/2023\/11\/apple-reports-fourth-quarter-results\/\">\n<p>The Company posted quarterly revenue of $89.5 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.46, up 13 percent year over year.<\/p>\n<p>&ldquo;Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,&rdquo; said Tim Cook, Apple&rsquo;s CEO.<\/p>\n<\/blockquote>\n\n<p><a href=\"https:\/\/sixcolors.com\/post\/2023\/11\/apple-q4-2023-financial-results-and-charts\/\">Jason Snell<\/a>:<\/p>\n<blockquote cite=\"https:\/\/sixcolors.com\/post\/2023\/11\/apple-q4-2023-financial-results-and-charts\/\">\n<p>Mac revenue was $7.6 billion, down 34%. iPad revenue was $6.4 billion, down 10%. iPhone revenue was $43.8 billion, up 3%.<\/p>\n<\/blockquote>\n\n<p><a href=\"https:\/\/daringfireball.net\/linked\/2023\/11\/02\/apple-q4-2023-results\">John Gruber<\/a>:<\/p>\n<blockquote cite=\"https:\/\/daringfireball.net\/linked\/2023\/11\/02\/apple-q4-2023-results\">\n<p>Mac sales are down quite a bit year over year, both on a quarterly basis and trailing 12-month period, but I don&rsquo;t think that&rsquo;s a reflection on the Mac platform. Rather, it&rsquo;s the whole PC market, which is now in a downswing after a huge surge during the early COVID years.<\/p>\n<\/blockquote>\n\n<p>Previously:<\/p>\n<ul>\n<li><a href=\"https:\/\/mjtsai.com\/blog\/2023\/10\/23\/cue-testimony-in-us-v-google\/\">Cue Testimony in US v. Google<\/a><\/li>\n<li><a href=\"https:\/\/mjtsai.com\/blog\/2023\/08\/04\/apples-q3-2023-results\/\">Apple&rsquo;s Q3 2023 Results<\/a><\/li>\n<li><a href=\"https:\/\/mjtsai.com\/blog\/2023\/07\/12\/mac-sales-in-q2-2023\/\">Mac Sales in Q2 2023<\/a><\/li>\n<li><a href=\"https:\/\/mjtsai.com\/blog\/2022\/10\/28\/apples-q4-2022-results\/\">Apple&rsquo;s Q4 2022 Results<\/a><\/li>\n<\/ul>\n\n<p id=\"apples-q4-2023-results-update-2023-11-22\">Update (2023-11-22): See also: <a href=\"https:\/\/www.macrumors.com\/2023\/11\/02\/mac-revenue-down-m3-sales-improvements\/\">MacRumors<\/a>.<\/p>\n\n<p id=\"apples-q4-2023-results-update-2023-12-06\">Update (2023-12-06): <a href=\"https:\/\/sixcolors.com\/offsite\/2023\/11\/inside-apples-evasive-talk-about-mac-sales-and-services-success\/\">Jason Snell<\/a>:<\/p>\n<blockquote cite=\"https:\/\/sixcolors.com\/offsite\/2023\/11\/inside-apples-evasive-talk-about-mac-sales-and-services-success\/\">\n<p>But by using this excuse, Cook and Maestri are deflecting attention from the real, incontrovertible numbers: Mac revenue for fiscal 2023 was $29.4 billion, down 27 percent from the previous year&rsquo;s record $40.2 billion. That&rsquo;s a &ldquo;tough compare&rdquo; that includes both the quarter where the Mac was affected by factory shutdowns and the quarter where Apple sold a whole bunch of Macs in order to fulfill demand. Put them together, and it&rsquo;s still a stupendous drop in sales. This year&rsquo;s Mac revenue number was also down 20% from fiscal 2021 when Apple sold $35.2 billion in Macs. So it&rsquo;s a dramatic drop from the last two years of Mac sales, no matter how you slice it.<\/p>\n<p>But here&rsquo;s the thing: look back to Mac revenue in 2019 and 2020, before the Mac sales surge driven by the COVID pandemic and the switch to Apple silicon. In those years, Mac revenue was $25.7 billion and $28.6 billion, respectively. If you think of the last couple of years as an aberration, the Mac is back where it was&mdash;in fact, it&rsquo;s up 2.6% from fiscal 2020.<\/p>\n<p>[&#8230;]<\/p>\n<p>As Stratechery&rsquo;s Ben Thompson <a href=\"https:\/\/stratechery.com\/2023\/apple-earnings-shopify-earnings\/\">quipped<\/a>: &ldquo;So just to recap, Apple&rsquo;s Services revenue saw a step-change increase in revenue with increased margin, and Apple executives don&rsquo;t want to talk about it.&rdquo; Like Ben, I wonder if maybe the dynamic includes changes to the money Apple makes on Google search referrals, <a href=\"https:\/\/www.cnbc.com\/2020\/10\/21\/apple-services-success-story-bolstered-by-huge-google-payments.html\">which are a large part of the Services line<\/a> that Apple never, ever, ever talks about in these calls. And of course, right now Google is on trial and that search deal is <a href=\"https:\/\/www.cnbc.com\/2023\/09\/26\/apple-exec-eddy-cue-testify-google-trial-about-19-billion-search-deal.html\">one of the big topics of conversation<\/a>.<\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>Apple (transcript, Hacker News, MacRumors: The Company posted quarterly revenue of $89.5 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.46, up 13 percent year over year. &ldquo;Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,&rdquo; said Tim [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"apple_news_api_created_at":"2023-11-04T01:55:51Z","apple_news_api_id":"bcbc24e3-334e-4ea9-a6d0-dd2b733123d2","apple_news_api_modified_at":"2023-12-06T14:52:34Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAg==","apple_news_api_share_url":"https:\/\/apple.news\/AvLwk4zNOTqmm0N0rczEj0g","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[2],"tags":[38,1804,2250,101,1931,145,30],"class_list":["post-40997","post","type-post","status-publish","format-standard","hentry","category-technology","tag-apple","tag-apple-quarterly-results","tag-apple-services","tag-business","tag-covid-19","tag-ipad","tag-mac"],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/posts\/40997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/comments?post=40997"}],"version-history":[{"count":4,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/posts\/40997\/revisions"}],"predecessor-version":[{"id":41320,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/posts\/40997\/revisions\/41320"}],"wp:attachment":[{"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/media?parent=40997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/categories?post=40997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mjtsai.com\/blog\/wp-json\/wp\/v2\/tags?post=40997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}