In the early morning of February 3, Apple released financial...

In the early morning of February 3, Apple released financial results for the first fiscal quarter of fiscal year 2023 (fourth quarter of 2022).

According to financial reports, Apple's total revenue for the first fiscal quarter was US$117.154 billion, down 5.5% from US$123.945 billion in the same period in 2022. This was the first time since 2019 that there was a year-on-year decline in revenue, and the biggest decline in quarterly revenue since September 2016. In the same period, Apple's net profit reached US$29.998 billion, down 13.4% from US$34.63 billion in the same period in 2022.

Before the financial report for the first fiscal quarter was released, Wall Street analysts generally believed that Apple's total revenue and net profit would decline, but the actual decline still exceeded analysts' unanimous expectations. Since total revenue and net profit fell short of expectations, after the US market, Apple's share price fell as high as 5.7% after the market.

Apple CEO Tim Cook (Tim Cook) revealed in a conference call after the earnings report was released that for the first time in four years, most of the reason was that the pandemic had a significant impact on the supply of iPhone 14 Pro and iPhone 14 Pro Max, and continued until December (last year). Cook also said that Apple's performance has also been affected by foreign exchange rates and overall economic challenges caused by a strong US dollar. Had it not been for foreign exchange headwinds, Apple “would grow in the vast majority of markets we track.”

However, the reason for Apple's collapse in the first fiscal quarter of 2023 is clearly not limited to this. The “chill” from all sides is already reflected in Apple's stock market performance.

On the first trading day of 2022, Apple had a “good start”. On January 4, 2022, Apple's total market capitalization took the lead in breaking through the $3 trillion mark, becoming the first company in US stock history to achieve such good results. By the close of the US stock market on February 2, Apple's total market value was only 2.39 trillion yuan, and the market value of more than 600 billion US dollars had evaporated.

Can Apple recover its $3 trillion market capitalization in 2023? Where will Tim Cook lead the Apple giant wheel? And can Apple ever recover to its former glory?