Apple registered a 1% year-on-year (YoY) decline in revenue to $81.8 billion during its quarter that ended on 1 July 2023, marking the company’s third consecutive drop in quarterly revenue.
However, the firm revealed that its services revenue reached a new all-time high of $21.2 billion.
iPhone revenue decreased by 2% YoY to $39.7 billion for the quarter, while Mac revenue plunged by 7% to $6.8 billion. iPad revenue was down by nearly 20%.
CEO Tim Cook commented: “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.”
On a call with analysts, Cook added: “We continue to face an uneven macroeconomic environment, including nearly four percentage points of foreign exchange headwinds.”
“Looking ahead, we’ll continue to manage for the long term, always pushing the limits of what’s possible and always putting the customer at the center of everything we do,” he concluded.
“Like other major tech companies, even Apple is suffering from the negative impact of a worsening macro backdrop and ongoing supply chain woes, though it has done a better job of navigating through the challenging environment,” Jesse Cohen, senior analyst, underlined.
