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Apple Stalls Under Tim Cook, Stuck In Longest Revenue Slide In 22 Years

It’s been a rough year for Apple, as the tech giant has suffered four straight quarters of declining revenue. And while its stock rallied in 2023, it was outshined by all of its mega-cap tech peers. In fact, it’s the longest such slide for Apple since the dot-com bust of 2001.

The company has dealt with bad economic conditions for phones and computers, as total smartphone sales over the summer were the slowest in over a decade. But Apple has also faced company-specific issues – for the first time since the iPad launched in 2010, there were no new iPad models released in 2023. This has left Apple with less to promote, and older versions of the product don’t see official price cuts that boost sales.

According to Morgan Stanley analysts, all current model iPads were shipping from Apple’s website in a day, a sign of weak demand. In fiscal 2023, Apple’s iPad revenue dropped 3.4% to $28.3 billion. And on a unit basis, iPad sales fell a staggering 15%, according to a recent estimate from Bank of America analyst Wamsi Mohan. Apple doesn’t report unit sales.

To compound matters, new Apple Watch models were removed from Apple stores in the U.S. days before Christmas over an intellectual property dispute, further hampering sales. Overall, it’s a tough pill for the tech giant to swallow.

But there’s hope for Apple yet – the company has been working on a secret project for years, one that could change the face of technology. Rumors abound about what this project could be, with some speculating that it’s an Apple car, while others believe it’s a virtual reality headset. Whatever it is, Apple has poured significant resources into this project, and it could be the key to turning the company’s fortunes around.

In the meantime, though, Apple is facing fierce competition from its peers, who are unveiling new products and capturing more market share. The pressure is on for Apple to keep up – or risk missing out on the next big thing.

 

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