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Record-breaking iPhone revenue announced by Apple

Phones Canada is excited to announce that Apple has reported its fiscal fourth-quarter earnings, which includes the successful launch of the highly anticipated iPhone 15 series. The latest iPhone models have set a new record for smartphone revenue, generating $43.81 billion in just three months. This represents a 2.8% increase compared to the same quarter last year.

While the overall fiscal year revenue for the iPhone declined by 2.4% from the previous year, reaching $200.58 billion, the impressive performance of the iPhone 15 series in the fourth quarter demonstrates the public’s love for Apple’s latest flagship devices.

Apple’s Services segment, the company’s second-largest business segment, also achieved an all-time revenue record. During the fiscal fourth quarter, Services brought in $22.31 billion, marking a 16.3% increase. For the entire fiscal year 2023, Services generated $85.20 billion, a notable 9% increase compared to fiscal 2022. Apple had set a goal to achieve $50 billion in annual sales for the Services unit, and this achievement demonstrates significant progress towards that target.

Sales of the iPad tablet series experienced a decline of 10.2% during the fiscal fourth quarter, amounting to $6.44 billion. Similarly, the annual gross for the iPad in fiscal 2023 declined by 3.4% to $28.30 billion. This decrease in demand can be attributed to the end of the pandemic, as fewer people are working from home and students have returned to in-person learning.

The Wearables, Home, and Accessories division, which includes popular products like the Apple Watch and AirPods, had a quarterly revenue of $9.32 billion, marking a 3.4% decrease from the previous year. The full-year revenue for this division was $39.85 billion, down 3.4% from fiscal 2022. Despite this decline, these products remain highly popular among consumers.

In terms of regional sales, the Americas experienced a slight increase in revenue, reaching $40.12 billion compared to $39.81 billion last year. However, sales in other regions such as Europe, Greater China, Japan, and the Rest of Asia Pacific declined year-over-year.

Apple CEO Tim Cook expressed his satisfaction with the results, stating, “Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services.” He also highlighted the company’s commitment to sustainability, mentioning the release of carbon-neutral Apple Watch models.

Overall, Apple’s total revenue for the quarter was $89.50 billion, slightly lower than last year’s $90.15 billion. Similarly, the fiscal year 2023 revenue was down 2.8% at $383.29 billion compared to $394.33 billion in fiscal 2022. However, the net income for the fiscal fourth quarter of 2023 increased by 10.8% to $22.96 billion ($1.47 per share) compared to last year.

The report led to a decline in Apple’s shares during after-hours trading, with a drop of 3.50% to $171.35. The lower net income for the fiscal year was due to share buybacks, resulting in fewer shares outstanding.

Luca Maestri, Apple’s CFO, highlighted the company’s strong performance and customer loyalty, stating, “Our active installed base of devices has again reached a new all-time high across all products and all geographic segments.” He also mentioned the company’s investments in long-term growth plans and the return of almost $25 billion to shareholders.

Despite the decline in shares, the impressive performance of the iPhone 15 series and the Services unit indicates a positive outlook for Apple’s future. With its strong lineup of products heading into the holiday season, Apple continues to innovate and maintain its position as a leader in the tech industry.

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