Apple's Revenue Dropped After Decline In iPhone Sales

Apple Sales Decline Significantly, Misses Q4 Target

Apple's holiday quarter sales were approximately 5% less than last year, which is the first year-over year sales decline since 2019.

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CEO Tim Cook stated that three factors were limiting the results: the strong dollar, the production problems in China, which affect the iPhone 14 Pro and iPhone 14 Pro Max, as well as the macroeconomic environment.

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Apple's largest revenue generator is the iPhone. Apple's fiscal fourth quarter total sales reached $90.1 billion, out of which iPhone sales accounted for $42.6 billion.

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The stock price dropped to $144 after Apple's earnings report arrived at around 4:30 P.M. EST. It remained close to flat until around 5:45 P.M. The stock price briefly jumped to $150 but has since dropped to $146.

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Apple suffered its first quarterly revenue decline year-over-year since 2019, and saw its largest quarterly revenue drop since September 2016.

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Apple suffered its first quarterly revenue decline year-over-year since 2019, and saw its largest quarterly revenue drop since September 2016.

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Apple's Mac computer sales plummeted 29% to $7.7 Billion. Apple's wearables and home accessories business saw a 8% drop in revenue to $13.5 billion. The holiday quarter saw an increase of 30% in revenue for Apple's iPad business to $9.4B.

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