Tech giant misses expectations for revenue, profit, and sales in 1st fiscal quarter ending on Dec. 31, 2022
Apple’s overall sales decreased 5% year-on-year during the first fiscal quarter, which ended Dec. 31, 2022, the largest decline since 2019.
According to a report on quarterly earnings from the US-based global tech giant on Thursday, Apple’s revenue decreased to $117.2 billion in October-December 2022, down from $123.9 billion in the same period of 2021.
The market estimate was $121.1 billion of total net sales for the three months to December 2022.
Earnings amounted to $1.88 per share in October-December period, decreasing from $2.10 a year earlier and market projection of $1.94 per share.
Sales of iPhones dropped more than 8%,and sales of Mac computers dove 29% in the same period, resulting in a 13% year-on-year decline in profits to $30 billion.
The company’s net profit was $34.6 billion in the same quarter of the previous year.