After a relatively upbeat week for tech results, the pressure is on Apple to flex its muscles when it reveals its second-quarter results on Thursday.
Unlike its Silicon Valley rivals, the maker of the iPhone has dodged mass layoffs and instead has kept its head down in recent months. In its last quarter, from October to December, Apple’s overall sales dipped 5 per cent in the first year-on-year decline since 2019.
Apple chief executive Tim Cook blamed the poor Christmas period on the difficult economic backdrop, which he said was hitting everyone.
But it was undoubtedly a major blow for Apple and analysts are predicting a further dip in the second quarter – despite the improving supply chain in China.
Chief financial officer Luca Maestri warned of a similar decline between January and March with iPhone and iMac sales dragging Apple down.
The firm cashed in during the pandemic when consumers were kitting out their homes with new devices and investing in work-from-home tech.
But this started to fade last year as the dollar rallied and the zero-Covid policy in China caused major disruption at Apple’s factories.
For the three-month period from January to March, analysts are predicting a 5 per cent year-on-year decline in revenue for the tech giant.
Research from analysts Canalys found iPhone sales slid in China in the first three months of the year.
Apple’s market share fell 3 per cent year-on-year, Canalys said.
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