Apple’s sales are falling continuously. The reason behind the downfall is the recession in the economy, and continuously raising prices makes consumers squeeze their hands.
The company said they are facing a 3% loss in revenue from the last three months of this year compared to last year.
But losses are still bearable because the demand for iPhones remains constant and also gains new consumers.
In a recent interview, the CEO of Apple, Tim Cook, highlighted their huge investment in India with the motive of increasing the growth of the company. Apple recently opened its first two official stores in the country.
Apple’s sales have been closely watched, as it is the most valuable company in the world.
The business stated that it was dealing with a “challenging macroeconomic environment,” reiterating statements made by other businesses that have cautioned that customers are becoming less willing to spend due to the growing cost of living and the uncertain economic climate.
Apple has informed investors that year-over-year sales in the period of January through March might decrease by as much as 5%.
However, the sales of iPhones, which grew by 1.5% year over year to $51.3 billion, setting a record for the quarter, helped boost the results.
Mr. Cook stated that he saw significant growth prospects in India as the nation’s middle class grows, claiming that the country was at a “tipping point” where overall sales for the company increased by double digits.
Sales for Apple’s services division, which encompasses Apple Music, Apple News, and Apple Pay, increased 5% year over year to more than $20 billion.
Sales increased by more than 2% in Europe, although many other businesses have experienced declines. But in the Americas, its largest market, sales fell by more than 7%.
Additionally, profits decreased by over 3% from the prior year to about $24.2 billion. The supply chain issues, however, subsided, so that was better than anticipated.
Apple’s report comes after a flurry of better-than-anticipated statements from other digital behemoths, including Alphabet, the parent company of Google, and Facebook owner Meta.