Apple released its first-quarter results on Thursday, which showed a decline in sales and profits due to reduced sales of iPhones, its flagship product.
In the last quarter of 2022 – the first of the financial year 2023, which begins in October – it earned US$117.154 billion, down 5.5% year-on-year, and earned US$29.998 billion, down 13% from the registered a year ago a year.
This was the first time since 2019 that Apple saw a year-over-year revenue decline.
The quarter in question is particularly important to the company as it is the holiday season at the end of the year.
In addition to the general economic downturn, the company was also hit by the strong dollar and problems with the production of its devices in China.
However, unlike other tech conglomerates, Apple has not announced any large-scale layoffs as its workforce grew more slowly than its peers during the boom the industry experienced during the novel coronavirus pandemic.
Apple, which has the largest market cap on Wall Street, suffered a major drop in its share price in 2022, but has already recovered 20% since the beginning of the year.
Source: DN
