Apple’s iPhone 14 Pro supply problems sank its holiday revenues

A side-by-side photo of Apple’s iPhone 14 Pro Max and iPhone 14 Pro.
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, down 5 percent year over year, and earnings per share of $1.88. It was the first such YOY for Apple since before the covid pandemic. 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 an 8 percent drop in iPhone revenue. “As we all continue to navigate…

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