Apple Reports Q1 2023 Results: $30.0B Profit on $117.2B Revenue in 'Tough Environment'

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 Apple has released financial results for the first quarter of 2023 (Q4 2022 calendar quarter). The Cupertino giant reported $117.2 billion in revenue and $30 billion in quarterly net income. This is a slight decrease from sales of $123.9 billion and quarterly net income of $34.6 billion in the same quarter last year. Apple CEO Cook began his Q1 2023 report by examining the company's performance, saying he had set "records in several geographic segments.

" He noted that despite a 5% year-over-year decline in revenue, he remained "incredibly confident" in his team and what they do. Cook attributed this decline to three factors. Currency factors, limited iPhone 14 Pro and Pro Max supply due to COVID-related issues in China, inflation, and a difficult macroeconomic environment including war in Eastern Europe and the pandemic. In terms of product categories, iPhone is down 8% year-over-year. Mac revenue fell to $7.74 billion from $10.85 billion in the same quarter last year. iPad sales increased 30%, while wearables, home goods and accessories declined 8% year-over-year. Below is a chart showing the contribution of each category to this quarter's revenue.

More than 2 billion active Apple devices worldwide  The company also announced that it has more than 2 billion active iPhones, iPads, Macs and other devices worldwide. "This is a "major milestone" for the company, Apple CEO Tim Cook said during an earnings call. However, the company did not provide specific numbers for individual devices. 
 Analyzing the financial results, CFO Luca Maestri said revenue was down 5% year-over-year, primarily due to lack of iPhone 14 Pro and Pro Max shipments. Despite an 8% decline in product revenue, Maestri said its active device install base grew by  double digits and set all-time highs in all categories. He also spoke about very high levels of customer satisfaction and loyalty, and a high number of new users, as well as record revenues in the Services segment, which grew 6% year-over-year. Overall, Apple CEO Tim Cook remains "more confident about Apple's future" despite the challenges ahead.

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