Photo by Amelia Holowaty Krales / The Verge
Apple reported its Q1 2023 earnings this afternoon. During the holiday quarter, the company took in $117.2 billion of revenue and earnings per share of $1.88. Most of the curiosity around this quarter’s numbers was tied to iPhone sales; in early November, Apple warned of “longer wait times” for its flagship iPhone 14 Pro and Pro Max. Both phones were hard to come by during the height of the holiday shopping season, though stock has since leveled out.
But the supply issues, combined with consumers being extra mindful of spending amid an uncertain economic outlook, led to a 5 percent year-over-year drop in revenue. iPhone revenue in particular dropped by 8 percent. “As we all continue to navigate a challenging environment, we are proud to…
