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Apple Stock Drops After Q4 Earnings Miss

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Apple Stock Drops After Q4 Earnings Miss

(CTN News) – The deliberate hiring approach employed by Apple has so far saved the company from mass layoffs conducted by top competitors like Alphabet and Amazon.

Although the Apple iPhone manufacturer is not immune to economic headwinds, it is not the only one. During the company’s quarterly earnings report posted today, it reported its first year-over-year loss since before the pandemic.

According to a release tied to the announcement, the Apple company’s quarterly revenue, for the quarter ended December 31, 2022, was $117.2 billion. This was a decline of 5% over the prior year.

The CEO of Apple, Tim Cook, attempted to emphasize the positive aspects of the earnings report. We are proud to have the broadest lineup of products and services ever.

As always, we remain focused on the long term and lead with our values in everything we do, Cook concluded.

CNBC interviewed the executive who discussed three key headwinds, including issues with iPhone production in China, the broader economic climate, and the strength of the U.S. dollar.

According to him, Apple will be making strategic cuts as well as the rest of the world.

It is also imperative to recognize that we are operating in a tough environment,” Cook added. Consequently, we are reducing our expenditures.

Our hiring is being cut, and we are being very careful and deliberate about the individuals that we hire.”

After experiencing a spike in hardware sales over the pandemic as people restructured their professional and educational lives, the company is now seeing a decline in sales activity.

For the company, the last quarter represented the largest drop in quarterly revenue since 2016.

From the previous year, revenue for the Mac and iPad decreased by nearly 30% and 8%, respectively.

As a result of recent supply chain and manufacturing issues, the handset is experiencing a significant bottleneck. During the same period, a new wave of Chinese lockdowns exacerbated the company’s problems at a time when the company is traditionally at its most profitable.

According to Apple, there is no longer a production problem with the iPhone.

According to the company’s announcement last month, Cook will be receiving a nearly 50% pay cut for the year, bringing in only $49 million in annual compensation.

Considering Cook’s most recent comments regarding strategic cutbacks, as well as what we now know about the company’s financial performance, it’s fair to wonder if the company may be forced to reduce its workforce.

It is clear that the macroeconomic environment has been challenging for the hardware giant, which, according to its latest milestone, has installed more than 2 billion devices.


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Salman Ahmad is a seasoned writer for CTN News, bringing a wealth of experience and expertise to the platform. With a knack for concise yet impactful storytelling, he crafts articles that captivate readers and provide valuable insights. Ahmad's writing style strikes a balance between casual and professional, making complex topics accessible without compromising depth.

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