Two billion Apple products are active around the world, Apple says
- Apple has over 2 billion active devices in use including iPhones, iPads, Macs, etc.
- The company had revenue of $117 billion in Q1 2023, a 5% YoY decline.
- iPhone revenue was $65.78 billion, down 8% YoY while iPad sales increased by 30% to $9.4 billion.
- Services revenue was a record $20.77 billion with 935 million paid subscriptions, up 150 million from the previous year.
- Despite challenges, Apple had $34 billion in operating cash flow and over $25 billion returned to shareholders during the quarter.
Apple has announced that it now has over 2 billion active devices in use, including iPhones, iPads, Macs, and other hardware products. The company has grown rapidly in the last few years, with 1.5 billion active devices recorded at the start of 2020 and 1 billion active devices in 2016. The latest news comes as Apple releases its first quarter earnings for 2023, which were down 5% year on year to $117 billion, despite the installed base of Apple devices continuing to grow.
The quarter was marked by challenges, including lengthy disruptions at its key Foxconn iPhone assembly plant in China, a strong US dollar, and weak demand due to inflation and fear of recession. Despite these challenges, Apple's CEO Tim Cook has described the quarter as a "challenging environment" but noted that the company was proud to have its "best lineup of products and services ever."
Image credit: Basic Apple Guy
Revenue from iPhones was down 8% year on year to $65.78 billion, while Mac sales declined 28.7% to $7.74 billion. However, iPad sales increased by 30% to $9.4 billion, and services revenue increased by 6.4% from $19.52 billion to $20.77 billion, hitting a new record. Cook credited the installed base growth to high customer satisfaction and loyalty, as well as a record number of customers switching to Apple from competitors.
As for the Services, the quarter saw a record $20.8 billion in revenue, beating the $19.5 billion estimate. The Services business was driven by 935 million paid subscriptions, up 150 million from the previous year. Despite the difficult macroeconomic environment and significant supply constraints, the company was able to grow total company revenue on a constant currency basis, with $34 billion in operating cash flow and over $25 billion returned to shareholders during the quarter.
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