While striking an optimistic tone on sales of services and iPhones, Apple CEO Tim Cook says an uncertain economy is expected to hurt categories like gaming and digital advertising.
Apple on Thursday, February 2, forecast that revenue would fall for a second quarter in a row but that iPhone sales were likely to improve as production had returned to normal in China after COVID-related shutdowns.
For the just-ended quarter, Apple’s profits missed Wall Street expectations for the first time since 2016, dragged down by iPhone sales falling for the first time since 2020. Analysts had expected sales of $121.1 billion and profits of $1.94 per share, according to IBES data from Refinitiv. In an interview, Cook told Reuters that the production disruptions that plagued Apple’s key quarter were now over.During its fiscal first quarter ended December 31, Apple faced a wave of challenges that left Wall Street expecting lower sales.
“I would point out that 8% 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.”
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