Foreign exchange headwinds and a relative scarcity of new products during the quarter flattened Apple’s revenue figures compared to its results from a year ago, although its profits were up 13%.
Citing “foreign exchange headwinds” and “difficult compares” for its Mac and iPad results from the year-ago quarter, Apple reported a total revenue decline of about 1%. On the other hand, Services revenues continued to expand, and product sales to emerging markets were up. In short, Cupertino isn’t worried.
The one-two punch from foreign exchange rates and “macroeconomic conditions” rocked Apple’s profits in the just-concluded quarter below last year’s results, but only by a little.
Although Apple’s revenues fell year-over-year for the first time in recent memory, it still managed to accrue $117 billion in revenue while battling supply issues, foreign exchange challenges, and the effects of war and disease around the globe.