Apple announced the financial results for the fiscal 2023 third quarter ended July 1, 2023. The Cupertino-based company posted quarterly revenue of $81.8 billion, almost one per cent down year over year.
Amidst the decline in shipments of iPhones, iPads and Macs, Apple surprisingly, registered a record revenue from services.
Apple added 150 million subscribers and breached the one billion mark. Services revenue reached $21.1 billion, almost 1.6 billion compared to the previous year's same period.
“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Tim Cook, Apple’s CEO. “From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”
Besides Services, the only other division that saw good growth was wearables, home and accessories. It recorded $8.3 billion, two per cent more than the previous same period ($8.1 billion).
Revenue from Apple iPhone and iPad were $39.7 billion and $5.8 billion respectively. And, Mac's revenue was $6.8 billion, down compared to $7.8 billion last year. However, close to half of all Macs sold worldwide were bought by first-time buyers.
Apple also noted that it spent close to $22.61 billion for the fiscal year, almost $3.12 billion more compared to the previous year.
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