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As many Apple watchers had predicted, the company’s quarterly results are a turnaround from the relentless growth of the last few years. The iPhone maker reported revenue of $117.2 billion in its first fiscal quarter (ending December 2022).
There are some bright spots in the company’s performance. In the services business he achieved a revenue record of $20.8 billion and in the installed base he achieved over 2 billion active his devices. Markets such as Canada, Indonesia, Mexico, Spain, Turkey and Vietnam also set record revenues.
“As we all continue to navigate a challenging environment, we are proud to have the best product and service line-up to date,” said Tim Cook in a statement. , As always, we remain focused on the long term and lead by our values…in everything we do.”
On the earnings call, Cook said there were three main factors that impacted earnings. It’s the “challenging macroeconomic environment,” foreign exchange issues, and his COVID-related supply constraints that have led to delays in shipping the iPhone 14 Pro and Pro Max models. “Now production is back where we want it,” he added.
Apple’s decline in revenue is in line with a general downturn in the tech industry, with Meta just reporting a 4% year-over-year decline in revenue. Alphabet has also faced slower growth in the quarter, with Microsoft’s revenue rising while earnings fell short of expectations and earnings fell 12%. Tech companies have laid off a significant portion of their workforce amid the recession, but Apple doesn’t appear to be making similar moves at this time.
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