In a note to clients — as noted by AppleInsider — Apple’s holiday quarter results will be lower than 2021, according to the Cowen research group, with “softness” expected due to iPhone shipments impacted by Chinese lockdowns.
For the December 2022 quarter, the analysts expect Apple being down 4% year-on-year, with total revenue at US$118.8 billion. Cowen believes that iPhone shipments are down approximately 8 million units due to mid-quarter lockdowns affecting the Zhengzhou factory. For the quarter, strong October shipments followed by a reduction in November results in builds around 74 million for the period, per the analysts.
Apple will hold an investor call on Thursday, February 2, at 2 p.m (Pacific) to discuss its first quarter financials. There are a lot of factors pointing to the company’s first year-over-year revenue decline since 2019′s March quarter, according to CNBC.
The report says that analysts polled by Refinitiv expect Apple to report just over $121 billion in revenue in the December quarter, which would be a slight decline from the company’s $123.9 billion from a year ago.