Apple’s business has done so well for so long that it’s been a little unusual to watch the company produce financial results that aren’t setting all-time records. But the huge jump in growth Apple made in 2022 has proved to be a bar too high for the company to leap over in 2023, and so Thursday’s report of third-quarter fiscal results were once again down–but down with a huge asterisk. When you make nearly $20 billion in profit in three months, how down can your quarter really be?
The excuses
From a pure revenue standpoint, Apple’s quarter was down 1 percent from the same quarter a year ago. But as Apple’s executives were quick to point out on Thursday, not only is that number lower than either Apple or the Wall Street consensus expected, but it was a decrease linked entirely to unfavorable foreign currency exchange conditions. Apple said that in constant currency in each local market, the company actually grew–but lost four percent of its growth in foreign exchange.
Read more at Macworld.com