Apple released its financial report for the first quarter of...

Apple released its financial report for the first quarter of the 2023 fiscal year (fourth quarter of 2022) on February 3rd.

According to the financial report, Apple's total revenue in the first quarter was $117.154 billion, a 5.5% decrease compared to the same period in 2022, marking the first year-on-year revenue decline since 2019 and the largest quarterly revenue decline since September 2016. During the same period, Apple's net income reached $29.998 billion, a 13.4% decrease compared to the same period in 2022.

Before the release of the first quarter financial report, Wall Street analysts generally expected Apple's total revenue and net income to decline, but the actual decline exceeded analysts' consensus expectations. As both total revenue and net income fell short of expectations, Apple's stock price fell as much as 5.7% in post-market trading.

Apple CEO Tim Cook revealed during a conference call after the financial report that Apple failed to meet its expected revenue target for the first time in four years, largely due to the significant impact of the epidemic on the supply of iPhone 14 Pro and iPhone 14 Pro Max, which lasted until December of last year. Cook also stated that Apple's performance has been affected by foreign exchange rates driven by a strong U.S. dollar and overall economic challenges, and without the headwinds from foreign exchange, Apple would see growth in the majority of markets we track.

However, it is obvious that the reasons for Apple's defeat in the first quarter of 2023 are not limited to this, as the "chill" from all sides has already been reflected in Apple's stock market performance.

On the first trading day of 2022, Apple had a strong start. On January 4, 2022, Apple's total market cap exceeded the $3 trillion mark, becoming the first company in the history of the U.S. stock market to achieve such a feat. However, as of the close of the U.S. stock market on February 2, Apple's total market cap was only $2.39 trillion, with over $600 billion in market cap evaporating.

In 2023, can Apple return to a market cap of $3 trillion? Where will Tim Cook lead Apple? And can Apple restore its former glory?