Apple reports $81.79 billion in revenue for Q3 2023 as services go from strength to strength

Apple has shared its fiscal 2023 third quarter financial results with services proving to be the big winner.

Apple announced quarterly revenue of $82.8 billion, a figure that is down 1% year over year with earnings per diluted share working out to be $1.26. That figure represents a 5% increase year over year.

Apple also confirmed that profit for the same quarter came in at 19.88 billion, also 5% up year over year. And it appears that services are once again helping Apple out big time.

A billion paid subscribers

Apple took the opportunity to share that it now has more than one billion paid services subscribers, something that helped the company post a record-breaking revenue for that aspect of the business.

“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” Tim Cook, Apple CEO said via press release. “From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”

Cash flow was also strong, with Apple also returning a huge sum of money to its shareholders — something that always goes down well with that particular group of people.

“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” said Luca Maestri, Apple CFO. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”

In terms of a breakdown of the source of the company’s revenue, Apple says that the iPhone was responsible for $39.67 billion while the Mac brought in $6.84 billion. The iPad came in at $6.4 billion, notes 9to5Mac.

Apple’s wearables business, including the Apple Watch Series 8 and AirPods, was responsible for $8.28 billion and the all-important services portion of the business was a strong $21.21 billion.