Apple CEO Tim Cook described the quarter as a "challenging environment"
noted iPhone revenue would have been flat were it not for currency exchange headwinds.
Shipments across the industry fell 18.3% year on year to 300 million units. Apple, which gained marketshare due to the iPhone 14, saw its shipments decline by 14.9% year on year, from 85 million to 72.3 million, according to the analyst's calculations.
Apple now has an installed base of over two billion active devices, but its revenues for the fiscal first quarter of 2023 were down 5% year on year to $117 billion.
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