Apple Suffered Longest Revenue Dip In More Than Two Decades This Year, With Rival Firms Performing Better In The 12-Month Period

wccftech.com:

Apple may have crossed the $3 trillion valuation mark this year, making it the most valuable company in the world, but that does not mean the California-based firm had the most successful run in 2023 because other technology giants outperformed it by quite a fair margin. In fact, according to the latest report, Apple suffered its longest revenue slide in 22 years, with several challenges expected to make attempts at its growth in 2024.

Comparing Apple’s stock performance, the Cupertino titan’s shares jumped 49 percent, but according to CNBC, the company underperformed, with NVIDIA’s shares more than tripling this year and Meta climbing to almost 200 percent. Amazon rose 83 percent, whereas Alphabet and Microsoft shares climbed to 59 percent and 57 percent, respectively. Fortunately, despite these gains, Apple generated an impressive $383 billion in revenue for fiscal 2023 while pocketing $97 billion in profit.

Some figures also show that Apple is suffering from a slowing global economy, with hardware sales dropping with every passing quarter. In 2023, the company’s iPad division accumulated $28.3 billion in revenue, dropping 3.4 percent compared to the same period last year. Also, despite switching to its M-series chipsets that deliver impressive performance gains and unrivaled battery life, consumers have shown less interest in the Mac family, and as a result, this category’s revenue dropped a whopping 27 percent to $10.2 billion for fiscal 2023.

Thankfully, Apple can rely on strong iPhone sales during the holiday quarter to maintain that strong momentum, particularly the iPhone 15 Pro and iPhone 15 Pro Max, which sport more exclusive upgrades compared to the iPhone 14 Pro and iPhone 14 Pro Max. Even in China, where Apple