Apple’s revenue fell for the first time in three and a half years

Apple’s net income fell 13.4 percent to $30 billion in the fourth quarter of 2022.

Apple reported its first quarterly revenue decline in three and a half years. As follows from the materials of the financial report, the company’s income in October-December 2022 decreased by 5.5% to $ 117.2 billion.

The main reasons for the drop in revenue are disruptions in the supply chain of goods from China amid the outbreak of the pandemic in Zhengzhou. For several months, the largest iPhone manufacturing plant has been operating with restrictions, which led to shortages of devices and components in other markets.

Apple’s net income fell 13.4 percent to $30 billion in the fourth quarter of 2022.

The company said that all of the problems in 2022 have been corrected so far, and “production figures have reached estimated levels.” Nevertheless, CEO Tim Cook did not rule out a decline in operating performance in the first quarter of 2023.

“In total, we expect our March quarter year-over-year revenue performance to be similar to the December quarter,” Cook said, adding that sales of Macs and iPads would probably fall by double digits.