FX.co ★ Apple reports steep drop in quarterly revenues

In the first quarter of fiscal 2023, IT giant Apple’s quarterly net profit fell by 13.4% to $29.998 billion.

The company saw its net profit nosedive to $29.998 billion, or $1.88 per share, in the first quarter of the current fiscal year, which ended on December 31, 2022. On an annual basis, it was a 13.4% decline. For the same period in fiscal 2022, the tech behemoth’s profit hit $34.63 billion, or $2.1 per share.

In addition, the company's revenue decreased to $117.2 billion from $123.9 billion, down by 5.6%. Quarterly revenues from the sale of iPhone and Mac tumbled to $65.76 billion and $7.74 billion from $71.63 billion and $10.85 billion in the previous year respectively.

In fact, analysts had expected better financial results from Apple. Analysts polled by FactSet had projected earnings of $1.94 a share on sales of $121.4 billion. At the same time, they had predicted iPhone sales to come in at around $67.8 billion and Mac sales to be at about $9.4 billion.

On the bright side, Apple saw its iPad sales rise by 29% to $9.36 billion in the same period in 2022. Revenues from App Store, Apple Music, Apple Pay, and iCloud services grew to $20.77 billion from $19.52 billion.