In 2023, although Apple’s stock experienced a rally, it was overshadowed by the strong performance of other mega-cap tech companies. Unfortunately, Apple faced challenges as it witnessed four consecutive quarters of declining revenue, marking its longest decline since the dot-com bust in 2001.
These difficulties can be attributed to a challenging economic landscape for phones and computers, with total smartphone sales hitting their slowest pace in over a decade. Additionally, Apple faced some internal issues. Uncharacteristically, the company did not release any new iPad models in 2023, breaking a streak that began in 2010. This lack of new releases resulted in fewer marketing opportunities, and older iPad models lacked official price cuts that typically drive sales.
Recent reports from Morgan Stanley analysts indicate that all current model iPads were readily available for shipment within a day from Apple’s website. This suggests weak demand for Apple’s products, as the company typically struggles to meet high demand for their latest offerings.
Source (CNBC)
