Tech giants Apple and Google have reported lower-than-expected revenue and profits for the last three months of 2022, as online retail behemoth Amazon

Apple, Google profits squeezed on China, sluggish economies

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2023-02-04 17:00:18

Tech giants Apple and Google have reported lower-than-expected revenue and profits for the last three months of 2022, as online retail behemoth Amazon warned of uncertainty in the months ahead.

Apple, the world’s biggest company in terms of market value, blamed falling sales of its flagship iPhone on production disruptions in China.

Apple’s revenue was $117.1bn for the three months that ended December, down 5.4 percent from a year ago. Profit after tax was $30bn, but both sales and profit were below analysts’ expectations.

China is the main manufacturing centre for Apple’s iPhones and the strict curbs imposed in line with Beijing’s zero-COVID policy, which left some phone-making factories locked down, seriously affected the company’s ability to deliver exports for the major year-end holiday season.

Central banks in the United States and elsewhere have been raising interest rates to rein in inflation fuelled by sky-high energy prices, but consumers are also tightening their belts as the cost of living rises and wages stagnate.

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