AAPL Q4 2023 Earnings

Call Details

• Call Title: Apple Inc. Q4 2023 Earnings Call
• Date: November 3, 2023 at 9:00 PM UTC
• Management Team:
  • Tim Cook (Chief Executive Officer)
  • Luca Maestri (Senior Vice President and Chief Financial Officer)
  • Suhasini Chandramouli (Director of Investor Relations)

Call Summary

Financial Performance

• Apple reported revenue of $89.5B for the September quarter, down less than 1% year over year.
• iPhone revenue was $43.8B, up 3% year over year and a September quarter record.
• Services revenue set an all-time record of $22.3B, up 16% year over year with growth accelerating sequentially.
• Mac revenue was $7.6B, down 34% year over year due to difficult compares from prior supply disruptions and launch timing differences.
• iPad revenue was $6.4B, down 10% year over year for reasons similar to Mac compares and timing; wearables, home and accessories were $9.3B, down 3% year over year.
• Company gross margin was 45.2%, a September quarter record, up 70 basis points sequentially, and diluted EPS was $1.46, up 13% year over year.
• Operating cash flow was $21.6B and net income was $23.0B for the quarter.

Guidance

• Apple expects December quarter total company revenue to be similar to last year despite the quarter being one week shorter.
• Foreign exchange is forecast to have a negative year-over-year revenue impact of about one percentage point in the December quarter.
• Apple expects iPhone revenue to grow year over year on an absolute basis and also when normalizing for last year's supply disruptions and the extra week.
• The company expects Mac year-over-year performance to significantly accelerate in the December quarter.
• Apple expects iPad and wearables, home and accessories to decelerate significantly year over year in the December quarter due to different product launch timing versus prior year.
• Apple provided December quarter guidance of gross margin between 45% and 46%, OPEX of $14.4B to $14.6B, OINE around negative $200M excluding mark-to-market of minority investments, and a tax rate of about 16%.