The minus compared to the same period last year is 5.5 percent. Net income is also shrinking. Both key figures are also lower than predicted by analysts.
Apple has in first fiscal quarter of 2023 (to December 31) generated sales of $117.15 billion. Compared to the same period last year, revenue shrank by 5.5 percent – sea CNBC it was the first quarterly drop in sales since 2019. Net income fell 13.4 percent to $29.99 billion, or $1.88 per share. Both categories also fell short of analysts’ expectations.
Wall Street had forecast earnings per share of $1.94 on revenue of $121.1 billion. As a result, the price of Apple shares fell by around 3.2 percent to $ 145.99 in after-hours trading. In the past 52 weeks, the price has fluctuated between $124.17 and $179.61.
iPad-Revenues increase significantly
Apple CEO Tim Cook explained the weak result to CNBC with a strong dollar, the problems with the production of iPhone 14 Pro and iPhone 14 Pro Max in China and the general economic situation.
The iPhone was the most important Apple product in the 2022 Christmas business. The Apple smartphones washed 65.78 billion dollars in Apple’s coffers, which corresponds to a minus of 8 percent. Mac sales fell nearly 29 percent to $7.74 billion. However, the iPad division developed positively, increasing its revenue by more than 29 percent to $9.4 billion. Cook also referred to a new record: Apple counted more than 2 billion active devices worldwide for the first time in the December quarter.
Services division with record sales
The Services division also reported significant growth. Its revenue climbed 6.4 percent to $20.77 billion, a new all-time high for the services division, according to CFO Luca Maestri.
Also Apple’s competitors Samsung is suffering from the currently difficult economic conditions. However, the sales of Samsung’s mobile division shrank by only four percent – the chip division was primarily responsible for the significant drop in profits of the Korean electronics group.