Shulou(Shulou.com)11/24 Report--

CTOnews.com, February 3 (Xinhua)-- Apple today released its first quarter results for fiscal 2023. According to the report, Apple's first-quarter net revenue was $117.154 billion, down 5% from $123.945 billion in the same period last year, the first year-on-year decline in revenue since 2019. It also recorded the biggest quarterly revenue decline since September 2016; net profit was $29.998 billion, down 13% from $34.63 billion in the same period last year.

Cook revealed on the earnings call that Apple fell short of its expected revenue target for the first time in four years and blamed the epidemic for most of Apple's problems this quarter.

"the challenges related to the epidemic have greatly affected the supply of iPhone 14 Pro and iPhone 14 Pro Max," Cook said. "it lasted for most of December."

"due to these restrictions, our supply of iPhone 14 Pro and iPhone 14 Pro Max is much lower than we planned," Cook continued, "resulting in shipments that far exceeded our expectations."

Cook also said Apple's performance was also affected by foreign exchange rates spawned by a strong dollar and overall economic challenges. Had it not been for foreign exchange headwinds, the company "would have grown in most of the markets we track," Cook said.

After explaining why Apple had a tough iPhone quarter, Cook said, "now production is back to where we wanted it to be."

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