Apple Inc. (NASDAQ: AAPL) on Thursday announced financial results for the first quarter of 2023, reporting a decline in revenues and net profit.
Net sales of the Cupertino-based gadget giant dropped 5% year-over-year to $117.2 billion in the first quarter when sales of iPhone declined by 8%.
In the December quarter, net profit decreased to $30.0 billion or $1.88 per share from $34.6 billion or $2.10 per share in the corresponding period of 2022.
“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Apple’s CEO Tim Cook.
