Apple’s weak iphone sales drive first profit miss since 2016
Apple 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% to $117.2 billion and were down in every part of the world in the fourth 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.
Analysts had expected sales of $121.1 billion and profits of $1.94 per share, according to IBES data from Refinitiv.
BUSINESS
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2023-02-03T08:00:00.0000000Z
2023-02-03T08:00:00.0000000Z
https://daily.gazette.com/article/281977496769629
The Gazette, Colorado Springs