Apple recently announced its financial figures for its third quarter of 2023. This corresponds to the second quarter. Apple has achieved important milestones, including record-breaking revenues in its services division.
Let’s look closer at the highlights of Apple’s financial performance.
In the third quarter of 2023, Apple reported a profit of $81.8 billion, and the net quarterly profit was $19.9 billion. While revenue was slightly lower than the prior year’s $83.0 billion however, the net profits showed a slight increase of $19.4 billion.
Apple’s iPhone is a key component of its profit accounting for more than half the total revenue. But, in Q3 2023, iPhone revenue saw a slight drop, dropping to $39.67 billion, down from $40.67 billion.
Read More:- Why did Apple’s overall sales decline despite beating profit and revenue expectations?
The services division of Apple that comprises Apple News, Apple TV+, and iCloud did well with a profit of $21.21 billion in the quarter ending March 2023. It was an astounding increase from the $19.60 billion reported in the same quarter of the prior year and was more than the estimates of $20.76 billion.
Additionally, Apple witnessed steady growth of 2.5 percent in its home, wearables, and accessories division which was $8.28 billion in the quarter ended March 31, 2023.
Apple Chief Executive Tim Cook expressed optimism about the company’s performance in the quarter ending June. He emphasized the record for revenue in services, driven by the landmark achievement of one billion paid subscriptions. In addition, Cook acknowledged the continued growth in the iPhone business in new markets.
