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Apple CEO Tim Cook: First-quarter revenue decline mainly due to iPhone supply and exchange rates

Apple Inc. today released the company’s fiscal year 2023 first quarter results. According to the report, Apple’s first quarter net revenue was $117.154 billion, down 5 percent from $123.945 billion a year ago, the company’s first year-over-year revenue decline since 2019, and the largest quarterly revenue decline since September 2016; net income was $29.998 billion, down 13 percent from $34.630 billion a year ago. Net income was $29,998 million, down 13 percent from $34,630 million a year ago.

Apple missed its expected revenue target for the first time in four years, Tim Cook revealed during an earnings call, blaming the epidemic for most of Apple’s problems in the quarter.

“Challenges related to the epidemic …… significantly impacted the availability of iPhone 14 Pro and iPhone 14 Pro Max,” Tim Cook said, “(which) continued through most of December.”

“Due to these limitations, our iPhone 14 Pro and iPhone 14 Pro Max supply was significantly lower than we had planned,” Tim Cook continued, “resulting in shipping times well beyond our expectations.”

Tim Cook also said Apple’s results were also impacted by foreign exchange rates spawned by the strong U.S. dollar and by overall economic challenges. Tim Cook said that if not for the foreign exchange headwinds, the company “would have grown in the vast majority of the markets we track.”

After explaining why Apple had a tough iPhone quarter, Tim Cook said, “Production is now back to where we want it to be.

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James Lopez
James Lopezhttps://www.techgoing.com
James Lopez joined Techgoing as Senior News Editor in 2022. He's been a tech blogger since before the word was invented, and will never log off.

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