Apple Suffers First Quarterly Revenue Drop Since 2019 on China and Demand Woes

(Nikkei Asia) — Apple Inc. on Thursday reported its first quarterly revenue drop after more than three years of growth, blaming production headwinds caused by Covid-19 disruptions in China and weakening global consumer demand.

The iPhone maker saw sales decline in all regions, but China registered the biggest decrease in the quarter.

For the three months ended Dec. 31, Apple’s revenue declined 5.5% on the year to $117.2 billion, missing Wall Street forecasts. Sales of the company’s cash cow, the iPhone, decreased 8.2% on the year to $65.8 billion.