American smartphone company Apple’s quarterly revenue has declined for the first time after almost four years. The major reason for this is the sales event of the new iPhone series during the holiday season due to the restrictions imposed by Corona in China. The company’s sales during the December quarter stood at $117 billion, down nearly five percent from the same quarter last year.
company The profit has also decreased during October-December. Apple’s profit was about $ 30 billion. The company’s weak results have also affected its stock. Its share price fell by about five percent on Thursday. However, Apple’s stock recovered and reduced losses to less than 1 percent after Apple’s management expressed hope for an improvement in performance. Apple’s results raised fears of a slowdown due to higher interest rates and other factors.
For Apple, the world’s most valuable listed company iphone The last reduction in the sales of was during Corona. UBS analysts estimate that iPhone sales could be higher in the US than in China and Europe. China and Europe have been hit by the Corona and the war between Russia and Ukraine. Advisory firm Cowen says supply chain challenges have abated. However, the demand for the company has decreased due to some other reasons. This year, there may be a decrease of about two percent in the sales of the iPhone.
Apple has increased the manufacturing of iPhone in India as well as exports. The company has exported handsets worth one billion dollars from the country in December. In India, the iPhone is assembled at the factories of Apple’s contract manufacturers Foxconn and Wistron. Apple has set a target of increasing India’s share in the total production of iPhone to 25 percent. For the company, this figure is currently around seven per cent. Apple started assembling the iPhone in the country a few years ago through its contract manufacturer Wistron. China is the manufacturing hub for Apple. However, Apple’s manufacturing in China had a major impact last year due to restrictions and other difficulties due to Corona.