Apple failed to meet revenue, profit and sales forecasts across its various product lines in Q4 2022.
In fact, the decline in Apple's revenue in Q4 2022 was the first time it had happened since 2019, and the biggest drop since September 2016, we were quoted as saying by CNBC, Friday (3/2/2023).
It's the first time Apple has failed to hit its revenue forecast in seven years. In fact, this is only the second time they have failed to meet revenue forecasts since August 2017.
Apple's total sales during Q4 2022 fell 5% compared to Q4 2021, and according to Apple CEO Tim Cook, there were three factors to this. Namely the strengthening dollar, problems with the production of the iPhone 14 Pro and 14 Pro Max in China, and macroeconomic conditions.
"On a third factor, I think it's just a challenging macroeconomic environment, and you hear it from, I think, everybody," Cook said in an interview with CNBC.
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As a result, Apple's stock value fell again by 4% to its lowest point last Thursday (2/2), before finally rising again after Apple showed outlook data from the current quarter.
The data shows that iPhone sales will not decline as fast as the last holiday quarter. The reason is that in that quarter, the supply of the iPhone 14 Pro and 14 Pro Max, according to Cook, actually decreased due to assembly problems in China, whose factories were affected by various lockdowns due to COVID. But now production has returned to safe levels.
On the positive side, Apple said there was an increase in the number of active devices compared to January 2022, which rose from 1.8 billion to 2 billion active device units.
Until now, Apple has not made layoffs unlike various other technology companies that have done layoffs. They make efficiencies by reducing various costs and reducing the number of recruiting new employees.
"We also realize that the current conditions are difficult. So we are reducing costs. We cut recruiting, are also prudent and do a lot of consideration to the people we recruit," explained Cook.