Why Apple’s Mac revenue this quarter will ‘decline substantially’ year over year

After setting a new quarterly record in fiscal Q422 that ended September 24, Apple’s Mac revenue will decline substantially in the December quarter (fiscal Q123), Apple CFO Luca Maestri explained during Thursday’s conference call with analysts.

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“It’s been a great quarter for Mac. We hit an all-time revenue record of $ 11.5 billion, up 25% year-on-year, despite notable currency headwinds. There were three key elements that helped drive this performance, “said Maestri.” First, we benefited from the launch of our new M2 chip powered MacBook Air and MacBook Pro. Second, we were able to to meet the pent-up demand that continued the significant supply constraints we faced during the June quarter. Third, as our supply position improved, we were able to fill the channel. “

“Importantly, our investment in the category has attracted both upgraders and new Mac customers and helped our installed base reach an all-time high,” said Maestri. “In fact, we set a quarterly record for upgrades, while nearly half of the customers who bought Macs during the quarter were new to the device.”

“Overall, we believe that the company’s total year-over-year performance will decelerate during the December quarter compared to the September quarter for a variety of reasons. First, we expect nearly 10 percentage points of negative year-over-year impact from foreign exchange, “said Maestri.” Second, on Mac, in addition to increasing FX headwinds, we have a very challenging comparison with last year, which had the benefit of the launch and associated channel fill of our newly redesigned MacBook Pro with M1. Therefore, we expect Mac revenue to decline significantly year-over-year during the December quarter. “

Note from MacDailyNews: During the call, Cook also added: “On the Mac, it was the best quarter we’ve ever had in the company’s history. He was helped by the product launch of the MacBook Air with M2. It helped that in the previous quarter, in the June quarter, if you remember, we lost production from the factory for a significant part of the quarter. And so we had a backlog coming out of our third quarter into the fourth quarter. We were able to meet all of this demand during the fourth quarter and filled the channel for the Mac. And so that resulted in an incredible quarter of Macs. “

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