:Apple Inc on Thursday said revenue in the start of the year would be similar to the 5 per cent drop it posted for the holiday quarter but that iPhone sales were likely to improve.For the just-ended quarter, Apple's sales and profits missed Wall Street expectations driven by lower iPhone sales, sending shares
:Apple Inc on Thursday said revenue in the start of the year would be similar to the 5 per cent drop it posted for the holiday quarter but that iPhone sales were likely to improve.
Amazon.com and Alphabet also fell about 4 per cent after reporting results. All had gained during regular trade. During its fiscal first quarter ended Dec. 31, Apple faced a wave of challenges that left Wall Street expecting lower sales. Chief among those were supply chain pressures when COVID lockdowns at a production facility in Zhengzhou, China, slowed production of iPhone 14 Pro and Pro Max devices, both premium priced models that would traditionally help drive Apple's margins higher.
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 8 per cent. Apple expects a 5 per cent impact for foreign exchange rates in the fiscal second quarter.
The company's services segment, which includes content businesses such as Apple TV+ and software business like the App Store, rose 6 per cent to $20.8 billion in revenue, in line with analyst expectations, according to Refinitiv data. Sales of the iPad, which also saw a pandemic-related boost, grew 30 per cent to $9.4 billion, compared with analyst expectations of $7.8 billion, according to Refinitiv data. The wearable and accessories segment, which includes the Apple Watch and AirPods, fell 8 per cent to $13.5 billion compared with analyst estimates of $15.2 billion, according to Refinitiv data.
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