Apple Earning Call Archives

Apple’s Smartphone Revenue and Operating Profit Hit June-Quarter Records in Q2 2023

Apple led global smartphone revenues and operating profit with record June-quarter shares of 45% and 85% respectively.
Global smartphone revenues declined by 8% YoY and 15% QoQ to well under $90 billion in Q2 2023.
In the same period, global smartphone operating profit fell to below $13 billion, declining by 3% YoY and 27% QoQ.
Apple was the single-largest contributor to profitability, with an 85% share, up from 84% last quarter and 81% in the same quarter last year.

London, New Delhi, Hong Kong, Seoul, Beijing, Denver, Buenos Aires – Aug 4, 2023

Global smartphone market revenues declined by 8% YoY and 15% QoQ to significantly under $90 billion in Q2 2023, the lowest Q2 figure since 2020 during the height of the global pandemic-related lockdowns. The corresponding operating profit declines were 3% and 27% according to research from Counterpoint’s Market Monitor Service.

Commenting on Apple’s performance, Research Director Jeff Fieldhack noted, “Apple’s shipments declined by 3% YoY while the smartphone market declined by 9% in the same period. At the same time, its ASP increased thanks to a growing contribution of the Pro series, declining contribution of the SE series and the replacement of the Mini in iPhone 13 with a Plus in iPhone 14. As a result, while Apple’s iPhone revenue declined by 2% annually, its revenue share grew, reaching a second-quarter record of 45%. This is up by almost 3% since the same quarter of last year. Its share of global operating profits also grew by 4% since Q2 2022, reaching 85%, another second quarter record for Apple.”

The revenue decline in the overall market was caused by a shipment decline of 9% YoY combined with an ASP growth of only 1% in the same period.

Commenting on overall market dynamics, Research Director Tarun Pathak said, “The low ASP growth is mainly due to seasonality as, for instance, the second quarter is equidistant from peak iPhone demand and new iPhone launch, and sees neither of Samsung’s ultra-premium S or Z-series launches. The annual revenue decline also translated into operating profit losses for the overall market. The sequential operating profit decline suffered additionally from a changing shipment-mix, especially as the shipment share of Apple, the single-biggest contributor to total operating profit, went down by almost 4% QoQ.”

Despite ASP growth stagnating in the quarter, the premiumisation trend is likely to continue as emerging markets drive the next chapter of its growth and mid-tier brands target the premium segment and premium brands aim to sell more of their highest-priced models. Consequently, both global smartphone revenues and operating profits will see a recovery starting in H2 2023. This will support the smartphone market in the period when it struggles with lower shipments.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

You can also visit our Data Section (updated quarterly) to view the smartphone market share for World, US, China and India.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Harmeet Singh Walia

Tarun Pathak

Jeff Fieldhack

Follow Counterpoint Research

Global Smartphone Market Declines 14% YoY in Q1 2023; Apple Records Highest-Ever Q1 Share

The global smartphone market declined by 14% YoY and 7% QoQ to record 280.2 million unit shipments in Q1 2023.
Samsung replaced Apple as the top smartphone player in Q1 2023, driven by its mid-tier A Series and the recently launched S23 series.
Apple’s YoY shipment decline was the least among the top five brands. Consequently, it recorded its highest-ever Q1 share of 21%.
Global smartphone revenues declined by 7% YoY to around $104 billion. Apple, Samsung, Xiaomi increased their Average Selling Prices YoY.

London, New Delhi, Hong Kong, Seoul, Beijing, Denver, Buenos Aires – May 5, 2023

The global smartphone market faced further contraction in the post-holiday-season quarter with shipments declining by 14% YoY and 7% QoQ to 280.2 million units in Q1 2023, according to the latest research from Counterpoint’s Market Monitor service.

Source: Counterpoint Research Market Monitor Preliminary Data, Q1 2023
Note: OPPO Includes OnePlus

Commenting on overall market dynamics, Senior Analyst Harmeet Singh Walia said, “Smartphone shipments declined further in Q1 2023 following the weakest holiday-season quarter since 2013, as the slower-than-expected recovery in China was marred by alarming bank failures on both sides of the Atlantic further weakening consumer confidence in the face of unrelenting market volatility. The smartphone market was also hit by some major brands supplying fewer new devices to a market struggling with high inventories at a time when consumers are choosing to renew less often, but with more durable smartphones when they do buy.”

Consequently, global smartphone revenue and operating profit also declined, although not as much as shipments. This was due, in part, to the lower-than-usual decline in Apple’s shipments, to 58 million units in Q1 2023. Apple thereby managed to capture nearly half of all smartphone revenues. While Samsung’s shipments declined 19% YoY despite growing by 4% QoQ to 60.6 million units, the launch of the Galaxy S23 series enabled Samsung’s ASP to increase to $340, up 17% YoY and 35% QoQ, which in turn contributed to global revenues falling relatively less. Apple and Samsung also remain the most profitable brands, together capturing 96% of global smartphone operating profits.

Source: Counterpoint Research Market Monitor Preliminary Data, Q1 2023
Note: OPPO Includes OnePlus

Commenting on Apple’s performance, Research Director Jeff Fieldhack said, “Apple outperformed the market due to several factors. Firstly, the stickiness of its ecosystem prevents its customers from choosing a cheaper smartphone even in times of economic difficulty. Secondly, with sustainability becoming a priority for many, not only has Apple captured nearly half of the secondary market, it is also attracting users who are willing to spend more for longer-lasting devices. Thirdly, it is the preferred brand for Gen Z consumers in the West and is thereby positioning itself for sustained success. At the same time, it has been filling the void left by Huawei in China’s premium market. So, Apple is able to weather economic and other fluctuations better than its rivals while enjoying unflinching loyalty. This also meant Apple was able to meet the demand for the iPhone 14 series which spilt over Q4 2022, when it had problems at its Zhengzhou factory, rather than that share dissipating or transferring to rivals.”

Besides Samsung and Apple, the biggest global smartphone brands from China, Xiaomi, OPPO* and vivo, will have to wait longer for their shipments to rebound as each of them experienced double-digit annual declines in Q1 2023. This was due to a seasonal slowdown in China at a time when the country’s economic recovery is taking longer than expected. OPPO* has recently been facing challenges in overseas markets too. It has had to exit the German market after losing a patent lawsuit with Nokia. At the same time, the three brands’ revenues and profitability have struggled too. While OPPO* and vivo saw both annual shipment and ASP declines, leading to double-digit revenue declines, Xiaomi’s slight annual ASP growth could also not prevent a double-digit revenue decline in Q1 2023.

The smartphone market as a whole, too, is likely to struggle for the next couple of quarters. Commenting on the near-term outlook, Research Director Tarun Pathak said, “The persistent issues affecting the smartphone market are unlikely to abate anytime soon. Moreover, the recent decision by OPEC countries to cut oil production may lead to higher inflation rates, causing a reduction in consumers’ spending power. As a result, even if the decline in smartphone shipments stabilises, a significant recovery is unlikely before the year-end holiday quarter.”

*OPPO includes OnePlus

You can also visit our Data Section (updated quarterly) to view the smartphone market share for World, US, China and India.

Background

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

Analyst Contacts

Harmeet Singh Walia

Tarun Pathak

Prachir Singh

Follow Counterpoint Research

2022 Global Smartphone Shipments Lowest Since 2013; Apple Regained No. 1 Rank with Highest-Ever Operating Profit Share of 85%

The global smartphone market declined by 18% YoY to reach 304 million units in Q4 2022.
Apple replaced Samsung as the top smartphone player in Q4 2022, driven by the recent launch of the iPhone 14 series.
The 2022 global shipments declined by 12% to 1.2 billion units, the lowest since 2013.
Global smartphone revenue declined by 9% to $409 billion, the lowest since 2017.
Apple achieved its highest-ever global smartphone shipment, revenue and operating profit share in 2022.

London, New Delhi, Hong Kong, Seoul, Beijing, Denver, Buenos Aires – February 3, 2023

The global smartphone market remained under pressure in Q4 2022 with shipments declining by 18% YoY to the lowest level for a holiday quarter since 2013, even as they grew by 1% QoQ to 303.9 million units, according to the latest research from Counterpoint’s Market Monitor service. Shipments for the full year 2022 also declined to 1.2 billion units, the lowest since 2013.

Commenting on overall market dynamics, Senior Analyst Harmeet Singh Walia said, “The war in Ukraine, inflationary pressures, economic uncertainty and macroeconomic headwinds kept the consumer sentiment weak in 2022 while smartphone users reduced the frequency of their purchases. The smartphone market remained under pressure in the fourth quarter of 2022 as the cost-of-living crisis, shortage in the labor market and a decline in consumers’ purchasing power resulted in double-digit declines in the shipments of each of the top five smartphone players.”

Consequently, global smartphone revenue and operating profit also saw a decline, although to a lesser degree than in shipments. An increased mix of premium phone offerings by major OEMs drove up the overall average selling price (ASP) by 5% YoY in 2022. The 9% decline in revenue, while lower than in shipments, resulted in annual smartphone revenues amounting to $409 billion, the lowest since 2017. A larger decline was prevented by a 1% growth in Apple, the only top five smartphone OEM to do so.

Commenting on Apple’s performance, Research Director Jeff Fieldhack said, “having proficiently managed its production problems, Apple was able to weather a year already marred by economic and geopolitical turmoil better than other major smartphone players. Its iPhone Pro series continued performing well and its share of iPhone shipments could have been even higher if not for the production issues caused by the COVID-19 breakout at the Zhengzhou factory, which produces the vast majority of Pro series volumes. As a result, some Pro series volumes got pushed to January.”

Consequently, its shipment, revenue and operating profit declined YoY in Q4 2022. However, it outperformed a struggling smartphone market in terms of shipment, revenue and operating profit growth, in turn achieving its highest-ever shares of 18%, 48% and 85% in these metrics respectively, in 2022.

Apple also benefited from the premium segment, its primary constituency, being less severely affected by the economic and geopolitical uncertainties that marred the year. Moreover, mature smartphone users are now choosing premium devices that last longer.

Elaborating on the ‘premiumization’ trend, Research Director Tarun Pathak said, “premiumization can also be seen within the Android ecosystem and is being led by Samsung with its foldable smartphones. As a result, Samsung was the only top five OEM besides Apple to see a 1% growth in revenue, even though its shipments declined by 5% in 2022 and operating profit declined by 1%. The performance of its flagship smartphones was stronger than market projections. Nevertheless, with a smaller profit decline than the overall smartphone market, its operating profit share increased slightly to 12% in 2022.”

Chinese smartphone players suffered from domestic lockdowns for much of the year in addition to facing global economic and geopolitical difficulties. As a result, the shipments of Xiaomi, OPPO* and vivo fell by more than 20% each. Despite offering premium phones at aggressive margins, Chinese brands are yet to make headway in the premium market and have not been able to capitalize completely on Huawei’s decline. Unsurprisingly, then, their revenue as well as operating profit saw double-digit declines.

We expect the market to remain under pressure until the end of the first half of 2023 and to start recovering thereafter.

*OPPO includes OnePlus from Q3 2021

You can also visit our Data Section (updated quarterly) to view the smartphone market share for World, US, China and India.

Background

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

Analyst Contacts

Harmeet Singh Walia

Tarun Pathak

Jan Stryjak

Follow Counterpoint Research

Apple Posts Revenue Growth Despite ‘Cocktail of Headwinds’

Apple reported a record June quarter with “better than expected” revenue, up 2% YoY at $83 billion. Supply chain constraints, foreign exchange (FX) headwinds and Russia-Ukraine conflict spillover effect remained the key growth challenges with Apple describing them as a “cocktail of headwinds”.

The company posted record revenues in the Americas, Europe and Rest of Asia-Pacific driven by strong double-digit growth in Brazil, Indonesia and Vietnam, and 2X growth in India. In China, COVID-19 lockdowns impacted the demand which rebounded towards the end of the quarter, but YoY growth still remained negative.

iPhone resilient to unfavorable FX, macro environment; wearables, home categories impacted

Apple recorded $63-billion revenue on the product side, covering iPhone, iPad, Mac, wearables, home and accessories. While the iPhone demand remained resilient, Apple did see some impact in other categories.

iPhone revenue grew 3% YoY at $40.7 billion despite FX headwinds, but there was no evidence of macroeconomic impact on demand. iPhone 13 camera features, such as cinematic mode and macro photography, have been hallmarks of the model that continue to drive strong demand. The iPhone Mini has been the weak link among the four iPhone SKUs. But stronger differentiation of Pro and non-Pro lineups can bring more choice to consumers in the coming launch cycle.
Apart from the strong upgrade cycle, Apple is successfully onboarding new users. Its switcher growth, which hit a fresh record during the quarter, is particularly driven by emerging countries where Apple has plenty of headroom to grow. This will continue to build further the 1.8 billion+ device installed base (last reported in January 2022).
Mac and iPad revenue were down YoY at $7.4 billion and $7.2 billion, respectively. Since both categories were hit by supply constraints, the sensitivity of the demand to macro factors remained untested. Apple remains bullish on both iPad and Mac with vertical integration of its product lineup with the M2 chip and continued investment in Apple silicon.
The wearables, home and accessories category reported $8.1 billion in revenues, down 8% YoY due to the impact of FX downtrend, macro factors and unfavorable launch timing of certain home and accessory products, like the launch of AirTags in Q2 2021. But Apple continues to add first-time users to its watch ecosystem. Almost two-thirds of the Apple Watch users are first-time users. Watch users still remain underpenetrated when compared to the brand’s strong iPhone user base. Apple continues to lead smartwatch innovation in features, design, pricing and new technologies like 5G Redcap, which are likely to be a growth engine for the next generation of wearables.

Apple Wholesale Revenues, Operating Margin, Gross Margin

Source: Counterpoint Research

Services continues to post double-digit record revenues; gross margins much higher than hardware

Apple’s services business continues to grow faster than hardware categories. The segment posted $19.6-billion revenue, up 12% YoY driven by a bouquet of services such as news, fitness and gaming. This also marked the highest ever share of Apple’s services revenue in its total revenue at 23.5%. It is important to note that the services gross margin at 71.5% remains much higher than the hardware gross margin of 34.5%.

Services revenue growth was at an all-time high in the US, Mexico, Brazil, South Korea and India. Music, Cloud, Apple Care and Payment Services posted a record quarter.
Most services had no noticeable impact due to weaker global economy, but digital advertising was clearly impacted. This is also consistent with the latest earnings reported by Snapchat, Facebook and Google.
Higher lending rates are leading to leaner advertising budgets. The impact on Apple is likely to be much lower as much of its services revenue is recurring.
The subtle placement of Apple products in its original content on Apple TV+ has created strong brand loyalty and continues to fuel the growth of hardware products as well. Severance and Black Bird were notable mentions from the previous quarter. This will continue to build up as Apple wins streaming rights for Friday night baseball and soccer leagues.
Apple now has 860 million paid subscriptions across its services platform, adding 160 million in the last 12 months alone. But Apple shied away from giving a certain growth rate for its services business due to the breadth of services.

Apple Device and Services Super Cycles

Source: Counterpoint Research

Opportunities

Apple’s next-generation CarPlay, announced at WWDC22 in June, is diving deeper into the automotive industry ahead of the anticipated Apple Car launch. At present, 98% of the cars sold in the US come with pre-installed Apple CarPlay. This further builds an opportunity to sell services to car owners. GM already drives $2 billion+ from in-car subscriptions, while Tesla charges $199 per month for full-self-drive (FSD) capability.
Apple sees a two-fold initiative to keep affordability in check – the buy-now-pay-later trend that is already picking up across the world, and a trade-in program. The latter is a huge differentiator as the perceived value of a used iPhone remains a key value proposition for consumers making a new purchase.
Watch is a powerhouse of health data for Apple and the company continues to add new features to target daily lifestyle activities around wellness and fitness. Apple talked about new features awaiting FDA approval that could track irregular heart rhythms.
On the AR/VR opportunity, there are now 14,000 ARKit apps on the app store accessible through iPhone and iPad. But Apple again shied away from making any speculative statement on the much-hyped AR/VR hardware.

Currency headwinds but eased supply constraints in the coming quarter

Apple expects currency headwinds to continue in the September quarter, but supply chain constraints are likely to ease unless the geopolitical or economic environment worsens. Counterpoint’s base case scenario expects a YoY growth for Apple in the next quarter. Weaker overall demand is seen, particularly in China and Europe, but the US continues to record strong demand driven by carrier subsidies and promos. The brand’s growth in the emerging market also continues.

In the medium term, a modest sales cycle is likely to be followed by another super cycle of iPhone sales. This will further inflate the iOS user base, which will catapult Apple’s services revenue beyond 25% of its total revenue sooner than we expect.

Global Annual Smartphone Market Grew for the First Time Since 2017; Record Annual Shipments for Apple

Global smartphone shipments grew 4% YoY to reach 1.39 billion units in 2021. Q4 2021 shipments declined 6% YoY to reach 371 million units.
Samsung led the global smartphone market in 2021 with annual shipments of 271 million units.
Apple, Xiaomi, OPPO^ and vivo recorded their highest-ever annual shipments.
The top five brands gained share thanks to a significant decline by Huawei, and LG’s exit from the market.
Apple surpassed Samsung to become the top smartphone vendor in Q4 2021, shipping 81.5 million units.

New Delhi, Hong Kong, Seoul, London, Beijing, San Diego, Buenos Aires – January 28, 2022

The global smartphone market grew for the first time since 2017, with annual shipments reaching 1.39 billion units in 2021, according to the latest research from Counterpoint Research’s Market Monitor service. Despite the 4% annual growth, however, annual shipments remained below the pre-pandemic level due to continued COVID-19 impacts as well as component shortages.

Commenting on the overall market dynamics, Senior Analyst, Harmeet Singh Walia said “the global smartphone recovery in 2021 followed a pandemic-hit 2020 and subsequent pent-up demand in regions like North America, Latin America and India. Growth in the US was driven largely by demand for Apple’s first 5G-enabled iPhone 12 series seeping through to the first quarter of 2021; demand which continued throughout the year ending on a strong Q4 thanks to Black Friday and holiday season promotions. India, too, had a good year due to higher replacement rates, better availability and more attractive financing options in mid-to high-tier phones. However, China, the world’s biggest smartphone market, continued to decline due to supply-side issues caused by the ongoing component shortages, as well as demand-side issues resulting from lengthening replacement cycles.”

Singh Walia added, “the market recovery could have been even better if not for the component shortages that impacted much of the second half of 2021. The major brands navigated the component shortages comparatively better and hence managed to grow by gaining share from long-tail brands.”

Samsung shipped 271 million units in 2021, up 6% from 2020, mainly due to increased demand for its mid-tier A and M series smartphones. Samsung’s annual shipments grew despite supply-side issues starting with its Vietnam factory being shut in June due to COVID-induced lockdown. While its shipments grew YoY to reach 67 million in the last quarter, the growth was limited by intensifying competition from Apple and Chinese brands in some of its markets such as India and Latin America. Nevertheless, the brand gained a good mind share with the launch of its third-generation foldable phones that did well in the premium segment.
Apple’s global smartphone shipments grew 18% YoY to reach a record 237.9 million units in 2021 due to strong performance by the iPhone 12 series. Apple also grew in key markets such as the US, China, Europe and India. In China, it became the top smartphone brand in Q4 after six years thanks to the iPhone 13, consequently overtaking Samsung as the top smartphone globally in Q4 2021.
Xiaomi’s global smartphone shipments grew 31% YoY to reach a record 190 million units in 2021. The bulk of this growth was in the first half of the year, driven by regions such as India, China, South-East Asia and Europe. While its shipments declined in Q3 after a record Q2, it grew marginally in Q4 to ship 45 million smartphones despite slipping to the fifth position in China as it faces severe component shortages.
OPPO^ was another of the top smartphone players to achieve record 2021 shipments, growing by 28% YoY to 143.2 million units. Its performance in China remained strong in the first half of the year, while it grew in Europe, the Middle East and Africa and South-East Asia in the second half. However, shipments remained flat at 33.5 million units in the last quarter due to supply-side constraints.
vivo grew by 21% YoY to reach annual shipments of 131.3 million units in 2021. vivo leveraged its strong offline penetration and a wide-ranging product portfolio to achieve its highest-ever annual shipments globally. In Q4 2021, however, it declined by 9% YoY, as it lost the number one spot in the Chinese smartphone market to Apple.

Other OEMs also had a notable 2021.

Motorola was the fastest-growing brand among the top 10 smartphone OEMs based on annual global shipments. It took advantage of LG’s exit in the US, where it gained share in the sub-$300 price band by offering a strong lineup of widely available devices. It also continued to perform strongly in Latin America while expanding in overseas markets (including a resurgence in Europe).

realme entered the top five android OEMs globally for the first time as its affordable 5G strategy started to pay off. It also did well in markets such as India where it had a record year. The brand continued to expand its presence in new markets such as LATAM, Europe and the Middle East and Africa.

HONOR managed to finish its first full year as an independent OEM with a ranking among the top ten smartphone OEMs globally, and is already among the top five OEMs in China where it benefitted from the reinstation of its relationship with its suppliers since its separation from Huawei.

Transsion Group continued to perform well in its key markets such as South Asia and the Middle East and Africa. TECNO did well in the entry-tier, while Infinix gained the most in the entry-to mid-tier segment, especially in the countries where it is currently expanding. Going forward, Transsion’s fundamentals are expected to remain solid, as it continues to hold significant clout in its home market of Africa.

Research Director Jan Stryjak concluded, “2021 was a tough year, with component shortages adding further pressure to a market battling with lingering COVID-19 issues. However, the world is slowly getting on top of the pandemic, despite the threat of a resurgence towards the end of last year, and with supply issues hopefully coming to an end towards the middle of this year, there is reason to be optimistic for good growth in 2022 as a whole.”

^Note: OPPO includes OnePlus since Q3 2021

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

You can also visit our Data Section (updated quarterly) to view the smartphone market share for World, US, China and India.

Some of our latest regional smartphone market analyses:

India Smartphone Market Crosses 169 Million Units in 2021 to Register Highest Ever Shipments Till Date

Apple Reaches its Highest Ever Market Share in China

Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech

Analyst Contacts:

Tarun Pathak

Harmeet Singh Walia

Aman Chaudhary

Varun Mishra

Karn Chauhan

Follow Counterpoint Research

5 Takeaways from Todays Apple’s Q1 2019 Earnings Call

Here are my five key takeaways from today’s Apple’s Q1 2019 earnings call:

iPhone sales were down 15%, mainly driven weak greater China sales. The company cited macro economic and foreign exchange fluctuations, a reduction in subsidies, and the battery replacement program as contributors to lower sales. This is an indicator that many consumers are holding onto their devices longer and that consumers do not want to pay full price for a ~$1k device. China revenues might also be down due to the straining US-China relationship and Chinese consumers buying habits changing accordingly.
Apple indicated that the iPhone XR, XS Max, and XS were their top sellers for the quarter. In order to keep these flagship sales numbers high, Apple is ramping up its trade-in program. A trade-in device can be used to discount a newer device for consumers which may incentivize consumers to upgrade. This also allows the OEM to get more involved in the growing refurbished business.
Services continue to grow although slightly lower than prior rates, now at 19% YoY. As seen in previous announcements and in its Q3 earnings call, the company wants to expand its service revenue to $14 billion by 2020. Services such as the Appstore, Apple Pay, iCloud, AppleCare, and Apple Music all are contributing towards service revenues. With 1.4 billion active devices, the company wants to increase the percentage of people opting for a service such as Apple Pay and Apple Music which are expanding into more markets. The company also has future plans to create more video content, more information to come soon.
Wearables, home and accessories grew a strong 33%, with over 50% growth in wearables such as Airpods and Watch sales alone. Look for these areas to continue to see expansion as Apple goes further into the connected home space and builds out its ecosystem here.
Lastly, we might see a strong push from Apple into the health and wellness space in the future. While nothing was indicated directly on the call, there were several qualitative comments made that might hint at some more developments coming our way. Just yesterday Apple and Aetna announced a new app called Attain that rewards healthy behavior through incentives such as a new Apple Watch. Users can track their exercise and sleep, while also signing up for nudges to take their medication on time or get an annual flu shot.

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Insights Tag： Apple Earning Call

Apple’s Smartphone Revenue and Operating Profit Hit June-Quarter Records in Q2 2023

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