Apple has released its financial report for the fourth quarter of the 2023 fiscal year, revealing total revenues of US$89.5 billion. This figure represents a downturn for the fourth consecutive quarter, attributed to weak demand and a sluggish smartphone market in China. All hardware products—except the iPhone—experienced a decline in sales.
The iPhone emerged as the sole hardware product to witness growth over the previous quarter, recording a revenue increase of over 2%. Tim Cook noted that the current performance of the iPhone 15 is outpacing that of the iPhone 14 at a similar period. The strong demand for Apple's higher-end iPhone Pro and Pro Max models has led to supply constraints.
In stark contrast to the iPhone’s favorable sales, Apple's Mac division suffered a significant hit, with a YoY decline of 34%. Cook reported a major supply disruption during the fourth quarter, which has postponed expected Mac sales to the following quarter. With the assistance of the new M3 chip and upcoming Mac products, Apple hopes to boost shipment momentum. Cook described the current personal computer consumer market as "full of challenges."
Apple's services shone in the fourth-quarter financial report, with revenues of $22.31 billion, surpassing market expectations. Cook mentioned that sales from the App Store, advertising, iCloud, payment services, and Apple Music each set internal records for Apple.
The Greater China market, a focal point of interest, saw its quarterly revenue drop by more than 2% to $15.08 billion from the previous year. Amid US-China tech restrictions and increased market competition from Huawei's surprise launch of its new Mate Pro 60 smartphone, Apple's business in the China region may face heightened pressure.
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Incident Response Analyst (NOC/Overwatch) at Aristocrat
1moI find it amusing that this is a surprise to many when it comes to the success (or lack thereof) of this product. The answer is obvious - what can one get with 3.5k USD? Actually its closer to 4k (pesky sales tax and warranties right?) App writers have to keep this in mind - invest their time and labor into something that very few people can afford. More money to be had in tablets/phones - or cheaper headsets. Id sooner spend that money on an Macbook (not that I would ever) before I buy a headset - in terms of overall use and economics.