Apple’s fiscal Q3 2023 financials show minor declines in revenue for the company, but it remains a highly profitable entity. The Services segment, including offerings like iCloud plans, Apple Music, AppleCare, and the App Store, achieved an all-time high of $21.2 billion in revenue, growing by eight percent year-over-year. Despite this growth, iPhone, Mac, and iPad revenues all declined compared to the previous year, similar to the trend observed in the last quarter.
The iPhone segment experienced a slight decline, with revenue amounting to $39.7 billion, down approximately two percent from the previous year. Meanwhile, iPad sales saw a more significant decline of 19.8 percent, and Mac sales declined by 7.3 percent. The absence of any recent iPad hardware refresh likely contributed to the decline in iPad sales. On the positive side, Wearables (including the Apple Watch and AirPods) and accessories witnessed a modest growth of just over two percent, the only product category besides Services to experience growth.
Overall, Apple’s total revenues for the quarter reached $81.8 billion, representing a drop of less than two percent year-over-year, while profits increased by about two percent to reach $19.9 billion.
Investors are likely interested in learning about the progress of the recently announced Vision Pro headset, considering its ambitious and costly nature. Additionally, there may be discussions surrounding potential AI-related projects during the earnings call with CEO Tim Cook.