On November 3rd, Apple released its fourth quarter (third quarter) financial report for the 2023 fiscal year. In the quarter, Apple achieved revenue of $89.498 billion, a year-on-year decrease of 0.72%; The net profit was $22.956 billion, a year-on-year increase of 10.79%. Despite the growth in revenue from the iPhone business, Apple's other hardware businesses performed poorly, with revenue declining year-on-year for four consecutive quarters.
IPhone business revenue achieved growth
From a business perspective, in the third quarter, the revenue of the iPhone business was $43.805 billion, compared to $42.626 billion in the same period last year; The revenue of the Mac business was 7.614 billion US dollars, compared to 11.508 billion US dollars in the same period last year; The revenue of the iPad business was $6.443 billion, compared to $7.174 billion in the same period last year; The revenue of wearable, home and accessories business was 9.322 billion US dollars, compared to 9.65 billion US dollars in the same period last year; Apple's service business revenue was $22.314 billion, a year-on-year increase of 16.29%.
In the third quarter, Apple's revenue in Greater China was $15.084 billion, a year-on-year decrease of 2.50%, compared to $15.47 billion in the same period last year. According to a report released by market research firm Canalys, the shipment volume of China's smartphone market in the third quarter of 2023 decreased by 5% year-on-year, to 66.7 million units. Among them, Apple's shipment volume was 10.6 million units, a year-on-year decrease of 6%, ranking third in terms of shipment volume.
Apple CEO Cook stated that in the Chinese market, Apple's iPhone business revenue set a record in the third quarter. The report released by Canalys shows that the new iPhone 15 series has undergone a significant upgrade. Despite increasingly fierce market competition, the release of the iPhone 15 series made a significant contribution to Apple's third quarter shipments.
Cook stated that the market performance of the iPhone 15 series is better than that of the iPhone 14 series in the same period last year. Due to strong demand, the iPhone 15 Pro and iPhone 15 ProMax are in short supply.
Consumer electronics market is expected to recover
From a global market perspective, Canalys stated that in the third quarter of 2023, the global smartphone market shipped 295 million units, with a year-on-year decrease narrowing to 1%. Driven by the demand for new iPhone 15 series products, Apple's shipment volume reached 50 million units, a year-on-year decrease of 6%, with a market share of 17%, ranking second.
Market research firm IDC believes that in the Chinese market, more consumer demand is biased towards iPhone 15 Pro and iPhone 15 ProMax. With the improvement of supply issues, Apple's shipment volume is expected to improve.
Huatai Securities Research reported that the smartphone market has gone through a long period of adjustment. Driven by new devices such as Huawei Mate 60 series and Apple iPhone 15 series, there have been signs of recovery in the industry chain recently. Against the backdrop of a slowdown in mobile phone upgrades, Apple's MR head display device Vision Pro, which will be launched early next year, is expected to take over and become a new growth point in the consumer electronics industry.
CITIC Securities believes that the release of new mobile phone products by companies such as Huawei, Apple, and Xiaomi will help stimulate consumers to switch devices, accelerate the switch cycle, and continue to drive the recovery of the consumer electronics market. Companies related to the consumer electronics industry chain are expected to benefit.