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Apple posts Q1 earnings: Revenue hits $117.2 billion amid drop in iPhone sales

Updated Feb 3rd, 2023 10:57AM EST
Apple CEO Tim Cook
Image: Kevin Mazur/Getty Images

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A closer look at iPhone and Mac sales

As is typically the case, Apple’s earnings for the quarter were anchored by the iPhone. And while Apple stopped releasing sales figures a while ago, we can still glean how briskly the iPhone is selling by looking at overall sales figures. For the quarter gone by, the iPhone accounted for $65.5 billion in revenue. As a point of comparison, Apple during last year’s holiday quarter saw iPhone-based revenue check in at $71.6 billion.

Mac sales also saw a drop in revenue. During the December quarter, Mac revenue checked in at $7.7 billion, compared to $10.8 billion in the same quarter a year-ago.

iPad, Wearables, and Services

iPad sales were a bright spot for Apple during the holiday quarter. iPad-based revenue came in at $9.3 billion compared to $7.2 billion in the year-ago quarter. Revenue from Apple’s Wearables division, meanwhile, fell from $14.7 billion to $13.4 billion, year over year. And lastly, Services revenue reached a new all-time high of $20.7 billion for the quarter.

“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” Apple’s CFO Luca Maestri said in a press release.

The rare earnings miss not surprisingly spooked some investors, with Apple shares trading down nearly 6 points in after-hours trading.

Other points of interest

During the quarter, Apple’s installed base of active devices reached 2 billion. This is about a 200,000 increase year over year. It’s also worth noting that Apple saw revenue take a dip across all geographic regions.

And lastly, Apple will pay out a cash dividend of $0.23 per share on February 16.


Yoni Heisler Contributing Writer

Yoni Heisler has been writing about Apple and the tech industry at large with over 15 years of experience. A life long expert Mac user and Apple expert, his writing has appeared in Edible Apple, Network World, MacLife, Macworld UK, and TUAW.

When not analyzing the latest happenings with Apple, Yoni enjoys catching Improv shows in Chicago, playing soccer, and cultivating new TV show addictions.

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