Apple reports Q4 revenue down 1% YoY to $89.5B, vs. $89.3B est., net income up 11% to $23B, Americas sales up 1% to $40.1B, and Europe sales down 1% to $22.5B
and only the Mac — was the focus of an event two days ago... Forums: r/hardware : Apple reports fourth quarter results See also Mediagazer
Apple
Context & Ripple Effects
Apple’s fourth-quarter result extends an uneven hardware cycle: in the prior quarter, iPhone sales grew while Mac and iPad sales fell sharply, as detailed in Apple’s earlier Q2 product breakdown.
The aggregate figures mask that same divergence. The accompanying Q4 product data showed iPhone growth alongside steep declines in Mac and iPad revenue, making the Q4 category split more consequential than the near-flat top line alone.
First-order effects
Apple exits the quarter with revenue slightly lower year over year but net income higher, preserving earnings momentum despite limited overall sales growth.
The Q4 mix puts immediate pressure on Mac and iPad performance, while iPhone remains the hardware category offsetting part of those declines.
Second-order effects
Investors and Apple’s hardware partners will have to evaluate the business by category rather than treat the company’s headline revenue as a uniform demand signal.
A sustained gap between iPhone and the rest of the device portfolio would concentrate planning, inventory, and channel attention around the category still growing.
Third-order effects
If this pattern persists, Apple’s growth profile becomes more dependent on maintaining iPhone demand while other hardware lines cycle through weaker periods.
The result illustrates a broader shift toward judging mature device companies on profit resilience and product-mix quality, not just aggregate revenue growth.
The trend: Large consumer-device companies are increasingly being valued on their ability to protect earnings through uneven category demand rather than deliver synchronized hardware growth.
Notable Quotes from Apple Q4 23 Earnings Call: 1. Service revenues keep growing: “...the progress that we're making in Services, we did $85 billion in the last 12 months. That's the size of a Fortune 50 & significantly bigger than it was just a couple of years ago.” - $AAPL CEO […
Tim Cook on Apple's generative AI efforts: “In terms of Generative AI obviously we have work going on. i'm not going to get into details about what it is, because as you know we really don't do that. We are investing. investing quite a bit. We are going to do it responsibly.”
Bottom line is there is noise in the guidance given the weeks in the quarter and the tough comps. I believe these normalize in the March quarter, and expect overall revenue to be up around 5%, inline with the Street.
$AAPL stock slipped 3% in after-hours. They guided Dec revenue down by 5% and expect it to be flat yy. They mentioned the 13 weeks in this Dec quarter compared to 14 weeks a year ago. Luca suggested if they had 14 weeks in this December, they would have guided up by 2%.
Apple guidance for Dec quarter: iPhone revenue to grow year-on-year on an absolute basis Mac revenue to “accelerate significantly” year over year Wearables and iPad revenue to decelerate significantly due to product timing
$AAPL -3.9% AH after guiding for FQ1 revenue to be similar to a year earlier (consensus was +4.6%). iPhone revenue is expected to be up Y/Y. Mac growth is expected to significantly improve from FQ4, while iPad and Wearables, Home and Accessories are expected to do the opposite...…
Apple down after hours as it guides revenue down -5%. These Yankees still refuse to accept that it isn't growing anymore. The revenue keeps shrinking and Americans cling to this cargo cult of thinking the growth will return. It's like Finns with Nokia in 2008. SAD
Really like these visuals. Apple MADE $23B net profit this quarter...on almost $90B in revenue. In 3 months. That said, centered around recent discussions, the Mac segment revenue was down 34% year on year, which is...a lot. And explains the rush to announce the M3 family of …
Apple guidance for 1Q24: We expect December quarter revenue to be similar to last year. There's various moving parts in that but all in all not an awful revenue guide.