Apple's overall sales for the holiday quarter were about 5% lower than last year's, the first year-over-year sales decline since 2019.
Apple CEO Tim Cook said three factors impacted the results: A strong dollar, production issues in China affecting the iPhone 14 Pro and iPhone 14 Pro Max, and the overall macroeconomic environment.Tim Cook walks in the Paddock prior to the F1 Grand Prix of USA at Circuit of The Americas on October 23, 2022 in Austin, Texas.for revenue, profit, and sales for many of its lines of business on Thursday, sending the stock lower in extended trading.
Apple did not provide guidance for the current quarter ending in March. It hasn't provided guidance since 2020, at first citing uncertainty caused by the pandemic. Analysts expected Apple to guide to about $98 billion in sales in the company's fiscal second quarter. Cook told CNBC that the miss was partially because of a strong dollar, and that Apple grew in most markets if you controlled for 800 basis points of foreign exchange headwinds.
Cook said that Mac sales were down because it was difficult to compare the quarter to last year's quarter, in which the company released new high-end MacBook Pro laptops. There were no similar launches during this year's December quarter, Cook pointed out. Cook said that the increase in the install base because people switched to iPhone from Android and bought Apple Watches for the first time.
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