Jobs' Mob has consistantly depended on its iPhone cash-cow which it has failed to improve much for years, and has yet to create any significant new products.  So when it announced that this years' results were the worst in four years, no one was surprised other than Apple and its cronies in the Tame Apple Press. 

Apple management was shocked as it announced misses on revenue, profit and sales. The company saw its largest quarterly revenue drop in nearly seven years, posting $117.2 billion – down 5.49 per cent from last year when it was only saved by record holiday sales.

Jobs' Mob and the Tame Apple press did its best to spin the terrible results. It is trying to blame the losses on Covid-19 lockdowns and related protests in China and it even mentioned the word "headwinds" in its press release. Cook said iPhone revenue would have grown in the quarter if not for these supply issues, but said production is back to pre-shutdown goals -- we will just have to take his word for it. 

While the China supply issue has been a problem for Apple, it is unlikely to be the real issue.  Firstly, Apple slashed production off its own initiative late last year because sales were falling. Secondly, smartphones sales generally have fallen as users fail to spot any major difference between the major brands or even between flagships and cheaper models. In short, Apple's cash cow, which has been on life support for a while, died and rather than respond to this issue, Jobs Mob ignored it. 

Wall Street also spotted the flaws in Apple's arguments Apple shares slid more than four per cent on Thursday.  What got Wall Street's goat was that it had low expectations for Apple in this quarter, and Jobs[ Mob did a lot worse than anyone expected. 

Apple had been seen as a safe haven for shares and now suddenly investors are in a panic and moving their portfolios away from Jobs' Mob. Microsoft saw its share value increase yesterday at Apple's expense.

Apple chief financial officer Luca Maestri did not see the outfit's administration or lack of decent products as a reason for the decline and blamed the world for the company's problems.

However, Jesse Cohen, senior analyst at Investing.com, adding that Apple's earning report was “shockingly weak”.

The only thing Apple has not done yet is lay off staff although this might be coming. Cook did not mention layoffs but said the company would be closely monitoring its labor expenses.

“We’re cutting costs,” he said. “We’re cutting hiring, we’re being very prudent and deliberate on people that we hire.”