Balanced News: Apple stock drops on rare Q4 earnings miss

Apple’s first year-over-year loss since before the pandemic was reported today, causing CEO Tim Cook to attempt to accentuate the positive in the earnings report. The company’s quarterly revenue, for the quarter ending December 31, 2022, was $117.2 billion, down 5% year over year. Mac and iPad revenue dropped nearly 30% each from the previous year, while revenue for the iPhone was down 8%. Supply chain and manufacturing issues have created a major bottleneck for the handset in recent year. Meanwhile, a new wave of lockdowns in China exacerbated issues during what is traditionally the company’s most profitable time of year.