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<\/span><\/a>Apple Q3 2023 earnings report<\/span><\/h2>\n\n\n
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Apple Inc. released the Q3 fiscal 2023 report<\/a> on 3 August 2023. Revenue for April to June decreased by 1% from the corresponding period of last year, totalling 81.80 billion USD. It is important to note that this marks the third consecutive quarter of declining revenue.<\/p>\n\n\n\n
Luca Maestri<\/a>, CFO of Apple Inc., expects that the company’s financial performance in this quarter is likely to be similar to Q2, marking the most extended period of revenue decline in the last two decades.<\/p>\n\n\n\n
In Q3 fiscal 2023, iPhone sales dropped by 2%, down to 39.67 billion USD, Mac sales fell by 7% to 6.84 billion USD, and iPad sales saw a decline of 20% to 5.79 billion USD. On a positive note, sales of wearables, accessories, and home devices increased by 2% to 8.28 billion USD, and services revenue reached a record 21.21 billion USD, adding 8.2%. Net profit recorded a 2.3% increase to 19.88 billion USD, and EPS rose by 5% to 1.26 USD.<\/p>\n\n\n\n
<\/span><\/a>Apple services revenue reaches an all-time high<\/span><\/h2>\n\n\n\n
In early August 2023, Tim Cook, CEO of Apple Inc., noted<\/a> that the company had over 1 billion paid subscriptions to Apple Music, iCloud, Apple News, and Apple TV+. Over the past year, the number of paid subscriptions rose by 150 million. The corporation’s deal with Major League Soccer (MLS) to broadcast its games on Apple TV+ has exceeded expectations in terms of the number of subscribers, according to Cook<\/a>.<\/p>\n\n\n\n
Luca Maestri<\/a> is confident that many Apple Inc. customers are still using free services and believes the company can attract them to paid subscriptions by offering superior content.<\/p>\n\n\n\n
As noted<\/a> by Axios Media Trends, Apple Inc. successfully implements a strategy where the slowdown in product sales is offset by a surge in revenue from services. Worth noting is that services revenue accounted for 25% of the total quarterly revenue in Q3 fiscal 2023, a significant increase from the 10% recorded in 2015.<\/p>\n\n\n\n
Mentioning the substantial growth in the number of active devices is important: on 2 February 2023, this figure was reported<\/a> to exceed 2 billion, a significant increase from the 1 billion reported in 2016.<\/p>\n\n\n\n
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<\/span><\/a>China bans iPhone use for government employees at work<\/span><\/h2>\n\n\n\n
China is the third-largest market for Apple Inc., along with Hong Kong and Taiwan. In Q3 fiscal 2023, this region accounted for nearly 19% of the company’s total quarterly revenue. It is also important to remember that most of Apple’s products are manufactured in China.<\/p>\n\n\n\n
On 7 September 2023, CNBC reported<\/a> that employees of central government agencies in China received directives not to bring iPhones to their workplaces and to refrain from using them for work purposes. While the Chinese government did not publicly announce these measures, CNBC analysts speculate that Apple’s products could become entangled in trade disputes between Washington and Beijing. On the same day, the company’s stock responded to the news with a 2.92% drop to 177.56 USD per share.<\/p>\n\n\n\n
UBS analysts also emphasise<\/a> the increased risks posed by Chinese authorities to Apple Inc. They believe that a decline in the tech giant’s stock prices<\/a> could trigger a broader downturn in the entire US stock market.<\/p>\n\n\n\n
<\/span><\/a>Apple September 2023 event<\/span><\/h2>\n\n\n\n
On 12 September, Apple Inc. held its annual autumn presentation, unveiling the new Apple Watch Series 9 and iPhone 15. However, the event failed to ignite investor enthusiasm, as on that day, Apple Inc. stock prices closed the trading session at 176.30 USD, a decline of 1.71%.<\/p>\n\n\n\n
<\/span><\/a>France’s ban on iPhone 12 sales<\/span><\/h2>\n\n\n\n
On 13 September, as reported by Reuters<\/a>, France suspended the sale of iPhone 12 due to the detection of electromagnetic radiation levels exceeding permissible limits. A day earlier, the National Frequency Agency of France (Agence nationale des fréquences, ANFR) announced<\/a> research findings showing that the iPhone 12 exceeded the EU’s allowable limit of 4 W\/kg, with a reading of 5.7 W\/kg.<\/p>\n\n\n\n
Apple Inc. representatives asserted that this smartphone model complies with all radiation emission standards and holds certifications from international organisations. At the same time, the company pledged to release a software update aimed at resolving the issue of iPhone 12 radiation levels. Belgium's state secretary for digitalisation requested<\/a> that the corporation prepare this update for all EU countries.<\/p>\n\n\n\n
On 13 September, following this news, the company’s stock experienced a 1.19% loss, plunging to 174.21 USD per share.<\/p>\n\n\n\n
<\/span><\/a>Apple stock live price chart<\/span><\/h2>\n\n\n\n\n