Apple sales fell 5% to US$117.2 billion and were down in every part of the world in the quarter. Find out more.
In an interview with Reuters, Cook said that production disruptions “lasted through most of December” but that “production is now back where we want it to be.” Cook said the lockdowns in China created a dual challenge where both supply and demand were constrained, with greater China sales falling seven per cent to US$23.9 billion.Article content
The strong U.S. dollar also hurt Apple, which derives more than half its sales from outside the Americas, but the effect was less than anticipated as the dollar eased from last year’s highs. Apple had warned investors that such foreign-exchange issues would put a 10 per cent on drag on sales but said on Thursday that the actual effect was eight per cent.
On top of supply chain problems for the iPhone, Wall Street analysts had expected iPhone sales to fall this year as part of a larger pattern in which the iPhone 14 family released last year sells more slowly after two straight years of strong sales of iPhone 12 and 13 models. Apple said iPhone sales were US$65.8 billion, down eight per cent from the year before and below analyst estimates of US$68.3 billion.
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