Apple suffers 1st quarterly sales decline in nearly 4 years

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The Associated Press

Apple has posted its first quarterly revenue drop in nearly four years.

It suffered from pandemic-driven restrictions on its China factories that curtailed sales of the latest iPhone during the holiday season.

The company’s sales of $117.15 billion for the October-December period represented a 5% decline from the same time in the previous year, a deeper downturn than analysts had projected.

It marks Apple’s first year-over-year decrease in quarterly revenue since the January-March period in 2019.

The company’s profit also tumbled by 13% from the previous year, a steeper slide than analysts anticipated. Apple’s stock fell less than 1% in extended trading, paring losses of about 5% earlier.

Read the full story on AP News right here.

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2/3/2023 10:44:29 AM (GMT -6:00)

Categories: Regional and US News