Apple Reports a Record Quarterly Revenue

Despite the difficult global economic and political situation, Apple managed to post record results in its fiscal fourth quarter. iPhone maker recorded record quarterly revenue and a slight rise in profit. The company, however, expects headwinds in the next quarter.

Apple’s revenue hit a record $90.1 billion, up 8% year-on-year, with its services division 5% higher at $19.2 billion. Revenue from products, which includes its hardware line, increased from $65 billion to $71 billion, with iPhone up 10% to $42.6 billion. Net income rose slightly to $20.7 billion from $20.5 billion.

“This quarter’s results reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it,“ said Tim Cook, Apple’s CEO. “As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, securing user privacy, strengthening accessibility, and creating products and services that can unlock humanity’s full creative potential.“

“Our record September quarter results continue to demonstrate our ability to execute effectively despite a challenging and volatile macroeconomic backdrop,“ said Luca Maestri, Apple’s CFO. “We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow and returned over $29 billion to our shareholders during the quarter. The strength of our ecosystem, unmatched customer loyalty, and record sales spurred our active installed base of devices to a new all-time high. This quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year.“

Maestri also warned during the earnings call that Apple’s overall annual revenue gains would decelerate in the period to the end of December. He’s expecting foreign exchange headwinds from a strong US dollar and supply chain challenges for its latest iPhone 14 line-up. The company, Maestri said, expects an 8% fall in revenue during the current period.