In its Q2 2023 earnings report, Apple revealed its quarterly revenue to be $94.8 billion (roughly $128.3 billion CAD), down 3 percent year-over-year. Compared to the December quarter, the company’s year-over-year business performance improved, and its services revenue reached an all-time high.
“We are pleased to report an all-time record in Services and a March quarter record for iPhone despite the challenging macroeconomic environment, and to have our installed base of active devices reach an all-time high, said Apple CEO Tim Cook in the company’s earnings press release.
Below is a breakdown of Apple’s earnings across its divisions:
- iPhone: $51.33 billion (roughly $69.5 billion CAD) vs. $48.84 billion (roughly $66.12 billion CAD) expected
- Mac: $7.17 billion (roughly $9.71 billion CAD) vs. $7.80 billion (roughly $10.56 billion CAD) expected
- iPad: $6.67 billion (roughly $ 9.03 billion CAD) vs. $6.69 billion (roughly $6.69 billion CAD) expected
- Other Products: $8.76 billion (roughly $11.86 billion CAD) vs. $8.43 billion (roughly $11.41 billion CAD) expected
- Services: $20.91 billion (roughly $28.31 billion CAD) vs. $20.97 billion (roughly $28.39 billion CAD) expected
The company doing better than forecasted can be attributed to its stronger-than-expected iPhone revenue. The iPhone lineup continues to see relatively high sales figures, with a recent study finding it to have accounted for eight of the best-selling smartphones in 2022.
Apple’s edge in the premium smartphone sector seems to be giving the company an additional cushion it can rely on.
Looking ahead, Apple is expected to announce a number of software and services updates at its annual WWDC conference in June.
Its iPhone 15 series of phones, which might be the first to include USB-C, are expected to launch in the fall.