August 14, 2022

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Apple CEO blames dollar for weak Mac sales - E24

Apple CEO blames dollar for weak Mac sales – E24

The technology giant increased iPhone sales, exceeding analyst expectations. But sales of both the Mac and iPad were weaker than last year.

Apple CEO Tim Cook will present the company’s third fiscal quarter results Thursday night.
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Total revenue was expected to end at $82.76 billion in the quarter, while the stock’s result was expected at $1.16, according to Bloomberg.

An always important indicator in Apple’s results is how things are going with the sale of the iPhone, which contributes more than half of the product’s revenue. Analysts previously expected iPhone sales to end at $38.85 billion. In contrast, sales amounted to 39.57 billion last year.

There were many questions before the numbers were released. Recession fears, inflation, a strong dollar and a supply crunch could all be factors that played into the calculations.

Apple has skewed fiscal years, and fiscal 2022 ends as early as September. Thus, the last quarter is the company’s third quarter, but it is still valid for the period from April to June.

Anticipating an increase in the turnover of capital

Right after the quarterly report, Apple’s stock rose 2.5 percent in after-market trading.

The tech giant is down 13 percent on Wall Street so far this year. It’s well below the tech-heavy Nasdaq, which is down in comparison by more than 22 percent.

Apple was expected to expect another increase in sales to reach $90 billion, but the company ended up not giving any estimate for further growth.

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In terms of future prospects, we expect sales turnover to accelerate, despite some weaker areas, the Apple chief said shortly after the quarterly report was released, According to CNBC.

Strong dollar hits sales

Apple computer sales were lower than analysts had thought, and were down 10% compared to the same quarter last year.

The drop in Mac sales was due to supply constraints and a stronger dollar, the Apple chief said after the numbers were released.

iPad sales also fell compared to the second quarter of last year, ending with a 2% drop. The Apple chief also blamed the limited supply of data chips and the strong dollar exchange rate here.