Apple reports fourth quarter results
iPhone revenue sets September quarter record
Services revenue reaches new all-time high
CUPERTINO, Calif.----November 02, 2023--
Apple(R) today announced financial results for its fiscal 2023 fourth quarter ended September 30, 2023. The Company posted quarterly revenue of $89.5 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.46, up 13 percent year over year.
“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “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.”
“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,” said Luca Maestri, Apple’s CFO. “During the September quarter, our business performance drove double digit EPS growth and we returned nearly $25 billion to our shareholders, while continuing to invest in our long-term growth plans.”
Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on November 16, 2023 to shareholders of record as of the close of business on November 13, 2023.
Apple will provide live streaming of its Q4 2023 financial results conference call beginning at 2:00 p.m. PT on November 2, 2023 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and its environmental goals and initiatives. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
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Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In
millions, except number of shares, which are reflected in thousands, and
per-share amounts)
Three Months Ended Twelve Months Ended
------------------------- ----------------------------
September September September September 24,
30, 2023 24, 2022 30, 2023 2022
----------- ------------ ------------ --------------
Net sales:
Products $ 67,184 $ 70,958 $ 298,085 $ 316,199
Services 22,314 19,188 85,200 78,129
---------- ---------- ---------- ----------
Total net sales
(1) 89,498 90,146 383,285 394,328
Cost of sales:
Products 42,586 46,387 189,282 201,471
Services 6,485 5,664 24,855 22,075
---------- ---------- ---------- ----------
Total cost of
sales 49,071 52,051 214,137 223,546
---------- ---------- ---------- ----------
Gross margin 40,427 38,095 169,148 170,782
---------- ---------- ---------- ----------
Operating expenses:
Research and
development 7,307 6,761 29,915 26,251
Selling,
general and
administrative 6,151 6,440 24,932 25,094
---------- ---------- ---------- ----------
Total
operating
expenses 13,458 13,201 54,847 51,345
---------- ---------- ---------- ----------
Operating income 26,969 24,894 114,301 119,437
Other
income/(expense),
net 29 (237) (565) (334)
---------- ---------- ---------- ----------
Income before
provision for income
taxes 26,998 24,657 113,736 119,103
Provision for income
taxes 4,042 3,936 16,741 19,300
---------- ---------- ---------- ----------
Net income $ 22,956 $ 20,721 $ 96,995 $ 99,803
========== ========== ========== ==========
Earnings per share:
Basic $ 1.47 $ 1.29 $ 6.16 $ 6.15
Diluted $ 1.46 $ 1.29 $ 6.13 $ 6.11
Shares used in
computing earnings
per share:
Basic 15,599,434 16,030,382 15,744,231 16,215,963
Diluted 15,672,400 16,118,465 15,812,547 16,325,819
(1) Net sales by
reportable segment:
Americas $ 40,115 $ 39,808 $ 162,560 $ 169,658
Europe 22,463 22,795 94,294 95,118
Greater China 15,084 15,470 72,559 74,200
Japan 5,505 5,700 24,257 25,977
Rest of Asia
Pacific 6,331 6,373 29,615 29,375
---------- ---------- ---------- ----------
Total net
sales $ 89,498 $ 90,146 $ 383,285 $ 394,328
========== ========== ========== ==========
(1) Net sales by
category:
iPhone $ 43,805 $ 42,626 $ 200,583 $ 205,489
Mac 7,614 11,508 29,357 40,177
iPad 6,443 7,174 28,300 29,292
Wearables, Home
and
Accessories 9,322 9,650 39,845 41,241
Services 22,314 19,188 85,200 78,129
---------- ---------- ---------- ----------
Total net
sales $ 89,498 $ 90,146 $ 383,285 $ 394,328
========== ========== ========== ==========
Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions,
except number of shares, which are reflected in thousands, and par value)
September 30, September 24,
2023 2022
---------------- ------------------
ASSETS:
Current assets:
Cash and cash equivalents $ 29,965 $ 23,646
Marketable securities 31,590 24,658
Accounts receivable, net 29,508 28,184
Vendor non-trade receivables 31,477 32,748
Inventories 6,331 4,946