Apple on Thursday posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season. The company’s sales of $117 billion for the October-December period represented a 5% decline from the same time in the previous year, a deeper downturn than analysts had projected. It marks Apple’s first year-over-year decrease in quarterly revenue since the January-March period in 2019 when sales also slipped 5% amid slowing iPhone demand and the fallout of a trade war with China that was being waged by then-President Donald Trump. [time-brightcove not-tgx=”true”] Apple’s profit also eroded during the past quarter, even though the Cupertino, California, company remained a pillar of prosperity.
Comment on Apple Suffers First Quarterly Sales Decline Since 2019
Michael Liedtke / AP, Time: Business
Thu, 02/02/2023 - 10:06pm
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