Apple Q4: Record iPhone Revenue; More iPhone 15 Pro Supply Ahead

Apple has revealed its financial results for the fourth quarter of fiscal 2023, ending on September 30.

The company registered a quarterly revenue of $89.5 billion, a 1% decrease year over year, but saw a 13% increase in earnings per share, reaching $1.46.

“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” stated Tim Cook, Apple’s CEO. He further added, “We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”

Luca Maestri, Apple’s CFO, emphasized the company’s growth, saying, “Our active installed base of devices has again reached a new all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty.”

In addition to the financial results, Apple’s board announced a cash dividend of $0.24 per share, set to be paid on November 16 to shareholders recorded by November 13.

Despite the challenges in the global smartphone market, Apple’s Q4 sales and profit surpassed Wall Street’s expectations. iPhone sales saw a 2.8% boost, which helped offset significant declines in Mac and iPad sales. The company’s performance in the upcoming holiday sales quarter, traditionally the most significant for new devices, remains a focal point for analysts and investors.

Facing intensified competition, especially with Huawei Technologies making a comeback, Apple’s sales in China experienced a 2.5% dip. However, Cook remains optimistic about the region, stating to Reuters, “In mainland China, we set a quarterly record for the September quarter for iPhone. We had four out of the top five best-selling smartphones in urban China.”

Addressing the supply constraints for some of Apple’s iPhone 15 Pro and iPhone 15 Pro Max, Cook mentioned, “We do believe that later this quarter, we’ll reach a supply-demand balance.”

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