Apple’s Q1 2023 earnings show first revenue decline in nearly 4 years

Apple’s Q1 2023 earnings show first revenue decline in nearly 4 years

Production and inflation woes weigh heavily on Apple’s holiday quarter.

Credit: Dreamstime

Apple has posted its first quarterly revenue decline since 2019, bringing in US$117.2 billion which is down five per cent year over year. Mac sales were hit particularly hard, down about 30 per cent year over year. iPhone sales also dipped by roughly eight per cent.

Apple was expected to post a significant reduction in revenue for the quarter, which saw several factors weighing on the company's sales. Most notably, there were weeks-long issues with iPhone 14 Pro and iPhone 14 Pro Max production that stretched over the important Black Friday rush and made the smartphones nearly impossible to find.

Additionally, Tim Cook blamed the strength of the US dollar and the challenging macroeconomic environment as contributing factors. Indeed, prices for many Apple products have risen quite a bit outside the US, making them less affordable.

There were few bright spots for the company over the holiday quarter, but the iPad had its strongest quarters since 2014 and Services broke $20 billion for the first time:

Follow Us

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Apple


EDGE 2023

EDGE is the leading technology conference for business leaders in Australia and New Zealand, built on the foundations of collaboration, education and advancement.


ARN has celebrated gender diversity and recognised female excellence across the Australian tech channel since first launching WIICTA in 2012, acknowledging the achievements of a talented group of female front runners who have become influential figures across the local industry.

ARN Innovation Awards 2023

Innovation Awards is the market-leading awards program for celebrating ecosystem innovation and excellence across the technology sector in Australia.

Brand Post

Channel Roadmap

The Channel Roadmap is a bespoke content hub housing strategic priorities from technology vendors for 2022 and beyond, partners can find the guidance on the key technologies and markets to pursue, to help build a blueprint for future success.

Show Comments