Apple reported a decline in quarterly revenue on Thursday.
The company's worse-than-expected performance over the holiday quarter
came as it faced a strong dollar and production disruptions in China.
- Apple reported revenue of $117.15B, down 5.49% year over year and below expectations of $121.10B.
- Earnings per share stood at $1.88, which came in below expectations of $1.94.
- Apple's revenue from iPhone, Mac, and iPad sales all missed expectations.
- The company's services revenue of $20.77B was 6.4% higher than the same time last year and beat expectations of $20.67B.
- Apple's
sluggish performance marked its first year-over-year quarterly revenue
decline since 2019 and its profits missed Wall Street expectations for
the first time since 2016.
- Apple CEO Tim Cook blamed the poor performance on the strength of the U.S. Dollar, production issues at China's largest iPhone assembly plant, and a challenging macroeconomic environment.
- He noted that Apple is cutting costs and slowing hiring, but it has yet to announce major layoffs like other U.S. tech giants.
