Apple sales drop 5% in largest quarterly revenue decline since 2016
Publishing timestamp: 2023-02-02 19:58:46
Summary
Apple reported a 5% year-over-year decline in sales for the holiday quarter, the first such decline since 2019. CEO Tim Cook attributed the decline to a strong dollar, production issues in China, and the overall macroeconomic environment. Apple shares dropped in extended trading on Thursday, but the company provided data points that suggested iPhone sales won't decline as rapidly as they did during the holiday quarter. Apple reported a miss on earnings, revenue, and sales for many of its lines of business, and the company did not provide guidance for the current quarter. However, Apple did offer some data points on performance expectations, including that services are expected to grow and Mac and iPad sales are both expected to decline double digits from the year-earlier period.
Sentiment: MIXED
Tickers: AAPL,
Keywords: tim cook, technology, breaking news: earnings, mobile, iphone, business, earnings, business news, apple inc, breaking news: technology,
Source: https://www.cnbc.com/2023/02/02/apple-aapl-earnings-q1-2023.html