Apple suffers 1st quarterly sales decline in nearly 4 years
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.
(Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
2/3/2023 10:44:29 AM (GMT -6:00)