Apple Reports Quarterly Revenue of $89.5 Billion for Q4 2023

Apple’s last quarter marked a 1% decline in revenue compared to Q3 2023. Going into today’s call, expectations were for another roughly 1% revenue decline over the prior year’s fiscal fourth quarter, with consensus expectations of about $89.28 billion in revenue.

The iPhone 15 served up the revenue gains Apple needed to meet fourth quarter estimates. Source: Apple.

Today, Apple reported that its fourth quarter 2023 revenue came in at $89.5 billion, which was slightly more than expected. According to Apple CEO Tim Cook:

Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services. We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.

The iPhone 15 wasn’t Apple’s only new product this quarter, but it’s the one that makes or breaks the quarter. Source: Apple.

Apple’s fiscal fourth quarter is a prelude to the the first quarter of 2024, which includes the 2023 holiday season. The iPhone helped land Apple exactly where Wall Street expected it to be this quarter, but its the holiday season that will set the tone for the coming year, which will see the debut of Vision Pro and hopefully, new iPads.

Apple’s quarterly revenue for the past 13 quarters.

Revenue in China was slightly off, but not the miss some analysts feared.

Gross margins continue to rise. Thanks Services revenue.