Apple recently announced its Q1 2023 results, reporting a dip in revenue at $117 billion, a 5% decrease compared to its previous fiscal year’s record-breaking Q1 with $123.95 billion. Despite this setback, the tech giant proudly shared the good news of hitting the 2 billion device milestone, with its installed base growing steadily.

Apple

Furthermore, the company’s Services sector reached a new peak with a revenue record of $20.8 billion, surpassing its estimated $19.5 billion. This was achieved in spite of a year with a struggling macroeconomic environment and crucial supply constraints. The sales of iPhones grew total company revenue on a constant currency basis. This achievement was driven by 935 million paid subscriptions, an increase of 150 million from the previous year.

Apple’s CEO, Tim Cook, and CFO, Luca Maestri, credited the growth of the installed base to high customer satisfaction and loyalty, along with a record number of customers switching to Apple from competitors, such as Samsung. The company’s Services sector also saw remarkable growth, setting an all-time revenue record, despite the challenging macroeconomic environment and supply constraints.

Apple’s CFO, Luca Maestri, expressed his delight with the results. He stated that the company generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in its long-term plans for growth and expansion.

The sales of premium segment smartphones have been on the rise across various smartphone manufacturers, which makes sense since the majority of Apple’s smartphone lineup belongs to the premium segment itself. It’s worth noting that Apple’s installed base has been growing by 100-150 million new devices per year since 2019, and has doubled from 1 to 2 billion in just seven years, which is a testament to the company’s impressive growth and customer satisfaction.

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