Apple (AAPL) Revenue — Quarter Ended Jul 1, 2023
Revenue declined compared to both the prior quarter and the same quarter last year. The decrease was driven by lower product sales, while services revenue grew.
Key takeaway
Quarter ended Jul 1, 2023 · FY2023 Q3
Revenue declined compared to both the prior quarter and the same quarter last year. The decrease was driven by lower product sales, while services revenue grew.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$81.8B
Revenue reported for this quarter.
Quarter-over-quarter
-13.7%
Change from the immediately preceding quarter.
Year-over-year
-1.4%
Change from the comparable year-ago quarter.
Trailing four quarters
$383.9B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 24, 2022 | $90.1B | +8.1% |
| Dec 31, 2022 | $117.2B | -5.5% |
| Apr 1, 2023 | $94.8B | -2.5% |
| Jul 1, 2023 | $81.8B | -1.4% |
Revenue performance
Total net sales fell from the immediately preceding quarter, reflecting a sequential decline. The year-over-year comparison also showed a decrease, with product revenue dropping and services revenue rising.
Quarterly comparison
Compared to the prior quarter, revenue contracted. Versus the same quarter one year earlier, revenue was also lower, as a decline in product sales outweighed growth in services.
What to watch
Monitor whether the sequential revenue decline continues in the next quarter.