But this is temporary.
As CNBC explains, the results of the past quarter for Apple turned out to be largely predictable, although there were some surprises. Overall, the company’s revenue decreased by 5.5% to $117 billion, demonstrating such dynamics for the first time since 2019 and the largest decline since 2016. CEO Tim Cook blamed three factors for the results: a strong dollar, production disruptions for the iPhone 14 Pro and iPhone 14 Pro Max from Zhengzhou, and general weakness in the macro economy.
Image Source: Reuters
The CEO said that smartphone production at the Zhengzhou facility is now back to levels that the company as a whole is satisfied with. Receiving more than half of all revenue from the sale of the iPhone, Apple is significantly dependent on this category of products. Last quarter, revenue in this area fell by 8.17% to $ 66 billion. In the current quarter, the decline should be slightly less, as Apple executives expect.
Strongly subsided revenue from sales of Mac computers, by 29% to $ 7.74 billion. Tim Cook explained this by the lack of announcements of new interesting PC models in the past quarter. In the current quarter, revenue in this area should also be reduced by a double-digit percentage. Tablet revenue will be similar, although it rose 29.66% to $9.4 billion last quarter, driven by the release of both the budget iPad model and a new model in the upper price range.
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In the “other products” segment, which includes the brand’s wearable devices, Apple showed a decrease in revenue by 8.3%. But revenue in the direction of services grew by 6.4%, and growth should continue in the current quarter. During the year, the company was also able to increase the active part of the audience with Apple devices from 1.8 to 2 billion people. Cutting costs and slowing down the hiring of new employees does not mean that Apple will lay off existing ones, although many companies in the sector have not escaped layoffs.
