February 2, 2023

Apple Quarterly Revenue Dips 5%, Missing Wall Street Forecasts, Services Biz Posts Record Sales of $20.8 Billion

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Apple revenue declined 5% in the year-end 2022 quarter amid iPhone manufacturing disruptions, falling short of Wall Street’s sales estimates for the critical holiday-shopping period.

Meanwhile, Apple’s Services segment turned in revenue of $20.8 billion — a quarterly record — but its growth slowed down in the period, to a 6.4% year-over-year increase. The segment includes the App Store, Apple Pay, and subscription services like Apple TV+, Apple Music and iCloud.

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Overall, the tech giant reported $117.2 billion on the top line and net income of $30 billion (down 13%), or $1.88 per share for the quarter ended Dec. 31, 2022, which is Apple’s Q1 of fiscal 2023. Analysts on average expected Apple to post revenue of $121.1 billion and earnings per share of $1.94, per Refinitiv data.

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Sales of iPhones — by far Apple’s biggest business segment — dropped 8.2% in the year-end quarter, to $65.78 billion. Despite the decline, the company touted that its installed base of active devices had crossed 2 billion active devices worldwide in the period.

“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” Apple CEO Tim Cook (pictured above) said in announcing the results. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”

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