Apple sets June quarter record despite downturn, iPhone sales up

Despite the global macro-economic environment, Apple saw a record June quarter with 2 per cent (year-over-year) revenue increase at $83 billion, riding on a 12 per cent sales increase in services.

iPhone revenue was up from $39.5 billion to $40.7 billion in the April-June period — a 3 per cent increase from the same time last year.

“This quarter’s record results speak to Apple’s constant efforts to innovate, to advance new possibilities, and to enrich the lives of our customers,” said Apple CEO Tim Cook.

“As always, we are leading with our values, and expressing them in everything we build, from new features that are designed to protect user privacy and security, to tools that will enhance accessibility, part of our longstanding commitment to create products for everyone,” he said in a statement late on Thursday.

However, Mac took the biggest hit as revenue dropped from $8.2 billion to $7.4 billion owing to economic headwinds and continued supply chain issues.

Wearables/home/accessories, which includes the Apple Watch, AirPods and HomePods, dropped around 8 per cent, from $8.8 billion to $8.1 billion.

iPad dropped slightly from $7.3 billion to $7.2 billion.

“Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment,” said Luca Maestri, Apple CFO.

“We set a June quarter revenue record and our installed base of active devices reached an all-time high in every geographic segment and product category,” he added.

During the quarter, Apple generated nearly $23 billion in operating cash flow, and returned over $28 billion to its shareholders.

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