China's COVID crackdown cost Apple $6 billion in iPhone revenue last quarter according to CEO Tim Cook.
Apple's most important product, the iPhone, suffered a slightly larger than 8% year-over-year decline in revenue during the fiscal first quarter of 2023. As we told you earlier tonight, the $65.
Eventually, Foxconn hired some replacements but after they accused the company of changing the terms of their contracts, violence erupted between the workers and security guards. As a result, "I don’t have the exact market shares in front of me but I think you would see that from a market share point of view that we grew around the world, last quarter, despite iPhone challenges we had on the supply side," said the executive. Ah! That clears it up. What Mr. Cook is saying is that the rest of the smartphone market worldwide performed worse last quarter than the iPhone did. As a result, Apple's market share actually rose during the quarter.
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