Apple had a rough fiscal first quarter of 2023 as iPhone sales declined and were less than Wall Street expected.
It was a rough fiscal first quarter for Apple as the company reported a 5% decline in revenue. It was the first quarterly year-over-year decline for Apple since 2019. At $65.78 billion, iPhone revenue was bellow estimates of $68.29 billion and was a decline of 8.17% on an annual basis.
The iPad turned in a solid quarter generating revenue of $9.40 billion while analysts were expecting the tablet to bring in $7.76 billion. Year-over-year iPad revenue soared 29.66%. Apple reported Services revenue $20.77 billion for the fiscal first quarter slightly ahead of the $20.67 billion estimated by analysts.
CEO Tim Cook said that the quarter was hurt by a strong dollar which reduced the dollar amount of overseas sales, iPhone 14 Pro and iPhone 14 Pro Max production issues in China due to the country's COVID crackdown, and weakness in the global economy. Cook told CNBC,"On the third factor, I would say was just the challenging macroeconomic environment, and you’re hearing that from, I would think, everybody.
The executive also said,"As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do. During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base."This is a developing story and will be updated.Get the most important news, reviews and deals in mobile tech delivered straight to your inbox
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