Apple's Revenue Plunges Due to Weak iPhone and iPad Sales in Q2 2023

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Cindy Mutia Annur 08/08/2023 08:10 WIB

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Apple Inc. reported a 1.4% year-over-year (YoY) decline in revenue to US$81.79 billion in Q3 2023. This was due to weaker than expected sales of iPhones, Macs, and iPads during the period.

Apple Revenue by Product/Service Sales, Q3 (2022-2023)

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Apple Revenue by Product/Service Sales, Q3 (2022-2023)

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Apple Inc. reported a 1.4% year-on-year (YoY) decline in revenue to US$81.79 billion in Q3 2023. This was due to sluggish sales of iPhones, Macs, and iPads during the period.

According to the company's financial report, iPhone sales in Q3 2023 reached only US$39.66 billion, a 2.44% YoY decrease.

Mac sales fell by 7.34% YoY to US$6.84 billion, reflecting the downturn in the PC market. iPad sales declined even more sharply, dropping 19.83% YoY to US$5.79 billion.

The only Apple hardware product to see sales growth was wearables, including Apple Watch and AirPods. Sales of these products increased by 2.47% YoY to US$8.28 billion.

Meanwhile, Apple's services business, encompassing Apple Music, Apple TV+, AppleCare, Fitness+, and others, showed positive growth. This segment grew by 8.2% year-on-year, reaching US$21.21 billion in Q3 2023.

Despite the sluggish sales of iPhones and iPads, Apple highlighted the success of its services business. Apple CEO Tim Cook stated that the company has over one billion subscribers to its services.

“We’re pleased to report that we achieved all-time record revenue in Services during the June quarter, driven by over 1 billion paid subscriptions, and we’re seeing continued strength in emerging markets thanks to strong iPhone sales,” Tim Cook was quoted as saying in a press release on Thursday, August 3, 2023.

By region, Apple's revenue was still dominated by the Americas, reaching US$35.38 billion or 43.25% of the company's total revenue. This was followed by Europe at 24.7%, China at 19.26%, Japan at 5.89%, and the rest of the Asia-Pacific region at 8.17%.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Apple's Revenue Plunges Due to Weak iPhone and iPad Sales in Q2 2023

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