Apple generated $81.8 billion in revenue during the third quarter of 2023, but that was the biggest decline since 2016 due to falling demand

Apple announced its financial results for the third quarter of 2023, where the company generated revenue of $81.8 billion, which is a decrease of 1 percent compared to the same period a year ago, when it generated revenue of $82.9 billion. Fortunately, the California-based giant made more this year; $19.9 billion compared to $19.4 billion compared to the Q3 2022 period. So far, Apple has seen its revenue fall for three consecutive quarters, likely due to declining consumer demand in the wake of crippling inflation, but there are positive indicators elsewhere.

Apple's services, other products, were the only categories that generated more revenue compared to the same period a year ago

Apple's iPhone revenue, which is the company's cash cow, generated $39.67 billion in revenue, but due to falling demand and possibly the wait for the launch of the iPhone 15 caused a 2 percent decline compared to the same quarter a year ago, which earned $40.6 billion last year.

Mac and iPad revenue also saw a decline, with services and "other products" the only two categories to see an increase compared to Q2 2022, bringing in $21.21 billion in revenue, compared to $19.6 billion dollars last year. Apple CEO Tim Cook announced that the company had a record for services during the June quarter thanks to one billion paid subscriptions.

"We are pleased to report that we had a 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 iPhone sales. From education to environment continues we promote our values while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”

Apple doesn't provide guidance for the quarter ending in September, which has been the case for three years now, but if you want to read the full earnings report, you can check out all the details via the company's press release.