Apple sees biggest drop in sales in three years
Apple saw a fall in sales as 2022 came to an end, with consumer budgets squeezed by the cost-of-living crisis.
A fall in sales in the final three months of the year of 5% is the biggest drop seen at the tech giant since 2019. The firm’s profits fell by 13% to $30bn (£24bn).
COVID-19 disruption in China, where iPhones are manufactured, as well as wider economic issues and the War in Ukraine were cited by Apple boss Tim Cook as reasons behind the company’s struggles: “As the world continues to face unprecedented circumstances … we know Apple is not immune to it”, he said.
Sales of iPhones fell by 8% while sales of iMac computers saw a more significant fall of 29%.
Ecommerce heavyweight Amazon also struggled over the Christmas period, with online sales taking a hit of 2% in the final three months of last year.
Amazon’s profits also took a drastic hit, falling from $14.3bn to near zero within a year.