Otis Worldwide (OTIS) Revenue — Quarter Ended Mar 31, 2023
Revenue declined in the current quarter compared with both the prior quarter and the same quarter a year earlier. The decrease reflects lower product sales, partially offset by higher service sales.
Key takeaway
Quarter ended Mar 31, 2023 · FY2023 Q1
Revenue declined in the current quarter compared with both the prior quarter and the same quarter a year earlier. The decrease reflects lower product sales, partially offset by higher service sales.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$3.3B
Revenue reported for this quarter.
Quarter-over-quarter
-2.7%
Change from the immediately preceding quarter.
Year-over-year
-2.0%
Change from the comparable year-ago quarter.
Trailing four quarters
$13.6B
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 |
|---|---|---|
| Jun 30, 2022 | $3.5B | -5.8% |
| Sep 30, 2022 | $3.3B | -7.6% |
| Dec 31, 2022 | $3.4B | -3.6% |
| Mar 31, 2023 | $3.3B | -2.0% |
Revenue performance
The reported revenue moved downward from the immediately preceding quarter. Compared with the same quarter one year earlier, revenue also decreased.
Quarterly comparison
Sequentially, revenue fell from the prior quarter. On a year-over-year basis, revenue was lower than the same period last year.
What to watch
Monitor whether the decline in product sales continues to pressure overall revenue in upcoming quarters.