Apple income down 5%, sees greatest quarterly drop in six years – Occasions of India

Apple introduced outcomes for its fiscal 2023 first quarter, which ended on December 31, 2022. For the quarter, Apple’s income stood at$117.2 billion, which was down 5 per cent yr over yr. Income from iPhone was additionally down as was from Mac vary of units. Nevertheless, for its Companies enterprise, Apple hit an all-time document.

Comparatively robust quarter for Apple

Apple CEO Tim Cook dinner stated that “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.” He additionally revealed that Apple hit a significant milestone within the quarter “are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”
“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” stated Luca Maestri, Apple’s CFO. “We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”
Income from got here stood at $65.8 billion for the quarter, down 8% yr over yr. This, as per Maestri, was due to important international alternate headwinds, provide constraints on iPhone 4 Professional and iPhone 14 Professional Max, and a difficult macroeconomic setting.
“In spite of these circumstances, we set all-time iPhone revenue records in Canada, Italy, and Spain, and saw strong growth in several emerging markets, including all-time iPhone revenue records for India and Vietnam,” he added.
Mac income was $7.7 billion, down 29% yr over yr and Apple stated that the decline was consistent with its expectations. However, iPad income was $9.4 billion, up 30% yr over yr.