Apple is also not out of recession
Apple has just reported business results for the fourth quarter of 2022, in which revenue, profit and sales of many key product lines were lower than expected. Quarterly revenue was 5% lower than in the same period in 2021, marking the first time Apple has recorded a decline since 2019.
Specifically, Apple recorded revenue of 117.15 billion USD, down 5.49%; revenue from iPhone reached 65.78 billion USD, down 8.17%; Mac revenue reached $7.74 billion, down 28.66%; revenue from iPad reached 9.4 billion USD, up 29.66%; other products $13.48 billion, down 8.3% and service revenue was $20.77 billion, down 8.3%.
Apple CEO Tim Cook said there were three factors affecting the results: a stronger dollar, manufacturing problems in China affecting the iPhone 14 Pro – 14 Pro Max, and the macroeconomic situation. Factor 3 does not spare anyone, according to the head of Apple.
The iPhone 14 Pro supply issue was introduced by Apple on November 6 and lasted until most of December. That means the company does not have enough iPhones to sell to customers. The world’s largest iPhone factory located in China was blocked during Covid-19 for most of the quarter, creating a large hole. Now, production has returned to a level that makes Apple happy.
However, the outlook for iPhone sales in the current quarter is quite “bright”, helping Apple stock recover after falling in after-hours trading. The data indicates that iPhone sales will not decline as quickly as the fourth quarter of 2022.
A few other positives in Apple’s business report is that the company has 2 billion activated devices, including iPhones, Macs, Apple Watch and others. This is an important number for investors because it reflects the global reach of “apple defects” and the ability to monetize these customers through services or by-products. Mr. Cook said, many people have switched from rival products or bought for the first time Apple Watch in the quarter.
In addition, the service segment also grew by 6%, exceeding investors’ expectations. Apple CEO revealed that employees are testing the buy first, pay later feature to integrate in payment services.
(According to CNBC)
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