Apple recently released its quarterly earnings report, with results falling short of analysts’ predictions.
Stephanie Keith /GettyTech giant There is no question where Apple places the blame for its lackluster earnings — during the earnings call, CEO Tim Cook and CFO Luca Maestri mentioned a variation of the phrase “challenging economy” seven times.that on Thursday, Apple released its quarterly earnings report which fell short of analysts’ predictions. The company’s stock fell in after-hours trading based on the earnings, but are positive in morning trading. Apple’s revenue of $117.
The underwhelming earnings report was brought on by a drop in iPhone sales, which made up the majority of product revenues and totaled $65.8 billion in the quarter, down eight percent from the same time last year. During the quarter, the company made $20.8 billion from services like iCloud and Apple TV+ and $6.4 billion from products. The release of the iPhone 14 contributed to the drop in product sales, but Apple executives seemed to blame external factors.
The decline in demand for the iPhone 14 and production problems associated with the coronavirus in China put pressure on the company’s supply and significantly slowed the company’s growth.
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