FX.co ★ Apple stock dips amid lower demand

According to Bloomberg, Apple's revenue has been declining for three consecutive quarters. Economists predict further drops amid falling demand for phones, computers, and tablets. Galloping inflation and rising interest rates are among the reasons for the downturn in consumer demand, harming Apple's sales and those of other tech companies. In the third quarter of 2023, the company reported a 1.4% drop in revenue. Luca Maestri, Apple's CFO, said that the IT giant's financial performance would slump in the future. In such a scenario, the company may face the longest losing streak in the last 20 years, Maestri noted. Despite these challenges, Apple surpassed expectations last quarter with total revenue of $81.8 billion. At the same time, demand for iPhones was lower than expected. This caused concern among investors, sending Apple’s stocks down by 3.2%. In the current quarter, the company will introduce a new iPhone 15 and the Apple Watch. Sales of these products may help the company withstand the financial downturn. In the fourth quarter of 2023, sales of iPhones, Apple's largest source of revenue, fell by 2.4% to $39.7 billion, while experts expected growth to $39.8 billion. Apple's management admits that the smartphone market is suffering a downturn. In such an environment, the company is cutting costs and suspending hiring in some sectors.