By Jason Snell
February 2, 2023 1:52 PM PT
Apple results and charts: $117.2B quarter is still a step back
Apple on Thursday announced its fiscal first-quarter results, and it was a step backward. The company’s year-over-year revenue fell $6.7 billion, though with total revenue of $117.2 billion it was still the company’s second largest quarter ever.
Here are our usual charts with some added commentary. We also have posted our traditional transcript of the conference call with analysts and offered additional analysis on a YouTube Live Stream right after the call concluded.
Now on to the charts:
Apple’s holiday quarter is always its strongest, and it was here too—just not as strong as last year’s holiday quarter.
Again, total profit was the second-most ever at $30 billion but it’s down from last year.
This quarter is Apple’s first with lower year-over-year growth since four years ago, when the company’s growth slowed in successive quarters.
As you might expect, the iPhone continues to dominate Apple’s overall revenue picture.
By all accounts, Apple originally intended to have new MacBook Pro and Mac mini models ready to go during this quarter, but those releases were delayed until this month. With no new Macs in the offing at all, Mac sales took a big hit, down 29 percent year-over-year.
With new iPad models in the mix, the iPad was actually Apple’s most positive category in these results, with revenue at its highest point in nine years! After four lackluster quarters, this was a blockbuster quarter for the iPad.
Honestly, given that Apple warned of iPhone production problems that would prevent the company from meeting demand, being down only 8% year over year strikes me as being a bit of a relief. It’s still the second-best iPhone quarter ever, and I suspect that at least some of those lost iPhone sales will roll over into the company’s second fiscal quarter. Still, if you’re a financial analyst looking to get upset, this is where you’d do it: we don’t actually know if iPhone demand is soft or if this based on shortages!
Services’ explosive growth seems to have slowed, as this is the second straight quarter with single-digit growth after a multi-year expansion period with growth easily in the double digits every quarter.
Wearables, Home, and Accessories
Same old story: the second-best quarter ever for the category, but not better than last year’s. This is the second time in the last three quarters that this category has shown year-over-year decline, after many years of rapid growth.
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