Apple Q4 Services Revenue hits record $22.3 Billion

Apple reported record fourth-quarter (ended Sept. 30) services revenue of $22.3 billion, up more than 16% from revenue of $19.18 billion during the previous-year period.

Services revenue includes sales of movies and TV shows on iTunes, the App Store, Mac App Store, Apple Music, Apple Pay, Apple TV+, Apple Arcade and Apple News+, among others.

Separately, Apple also posted record Q4 revenue for iPhone unit sales, which were not able to offset overall products segment revenue decline of more than 5% to $67.18 billion from revenue of $70.95 billion in the previous-year period.

Total quarterly earnings increased 13% to $1.46 billion from $1.29 net income in the previous-year period.

“Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO.

“We now have our strongest line-up of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030.”

Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on November 16, 2023 to shareholders of record as of the close of business on November 13, 2023.

“Our active installed base of devices has again reached a new all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty,” said Luca Maestri, Apple’s CFO.

“During the September quarter, our business performance drove double digit EPS growth and we returned nearly $25 billion to our shareholders, while continuing to invest in our long-term growth plans.”