Apple has revealed that its revenue dropped 5 percent to $117.2 billion for its fiscal 2023 first quarter ended December 31, 2022.
Apple forecast that revenue would fall for a second quarter in a row but that iPhone sales were likely to improve as production had returned to normal in China after COVID-related shutdowns.
Apple has generated revenue of $65.775 billion from iPhones, $7.735 billion (–29 percent) from Mac computers, $9.396 billion (+30 percent) from iPad, $13.482 billion (–8 percent) from Wearables, Home and Accessories (including the Apple Watch and AirPods) and $20.766 billion (+6 percent) from Services during October-December quarter of 2022.
Apple has faced slowdown in all markets generating revenue of $49.278 billion from Americas, $27.681 billion from Europe, $23.905 billion from Greater China, $6.755 billion from Japan and $9.535 billion from Rest of Asia Pacific.
Apple does not reveal the number of iPhones sold during the quarter.
Apple has shipped 73.2 million iPhones for 25 percent market share during the December quarter of 2022, according to Canalys report. “The popularity of iPhone Pro models will help Apple extend its revenue share, despite overall demand being under pressure,” Le Xuan Chiew, Research Analyst at Canalys, said recently.
The latest IDC report said Apple has shipped 72.3 million iPhones grabbing 24.1 percent share in the December quarter. “Apple, which thus far was seemingly immune, suffered a setback in its supply chain with unforeseen lockdowns at its key factories in China,” Nabila Popal, research director with IDC’s Worldwide Tracker team, said recently.
Apple CEO Tim Cook said the lockdowns in China created a dual challenge where both supply and demand were constrained, with greater China sales falling 7 percent to $23.9 billion.
The company’s services segment, which includes content businesses such as Apple TV+ and software business like the App Store, rose 6 percent to $20.8 billion in revenue.
Tim Cook said that the company now has a base of 2 billion active devices, up from 1.8 billion a year ago. The company now has 935 million paid subscriptions, up from 900 million the quarter before, and that services sales set a record in several markets, including China.