Apple Inc on Thursday reported sales and profits that missed Wall Street expectations driven by weak iPhone sales after COVID lockdowns in China disrupted production of the company's biggest seller.Shares of Apple fell 5 per cent after publication of the results.Apple sales fell 5 per cent to $117.
Apple Inc on Thursday reported sales and profits that missed Wall Street expectations driven by weak iPhone sales after COVID lockdowns in China disrupted production of the company's biggest seller.Apple sales fell 5 per cent to $117.2 billion and were down in every part of the world in the quarter. Sales from each product category dropped, except for gains in services and iPads. Earnings per share were $1.88, Apple's first miss of Wall Street's profits expectations since 2016.
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 7 per cent to $23.9 billion.
"I would point out that 8 per cent is still a very severe headwind," Cook told Reuters."I wouldn't want to underestimate that. We would have grown on a constant currency basis." Cook told Reuters that the company now has a base of 2 billion active devices, up from 1.8 billion a year ago. The company now has 935 million paid subscriptions, up from 900 million the quarter before, and that services sales set a record in several markets, including China, he said.
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