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The first fiscal quarter of Apple, which ended on December 31, 2022, saw its overall sales slip by 5% year over year, the biggest drop since 2019.

Apple’s revenue declined to USD117.2 billion in October–December 2022 from USD123.9 billion in the same period of 2021, according to a report on quarterly profits released by the US–based multinational tech giant on Thursday.

The market forecast called for total net sales of USD121.1 billion for the three months leading up to December 2022.

In the months of October through December, earnings came to USD1.88 per share, down from USD2.10 and the market expectation of USD1.94 per share, respectively.

Sales of Mac computers and iPhones both fell by more than 8% during the same time period, which led to a 13 percent year-over-year reduction in earnings to USD30 billion.

The business’s net profit during the same quarter last year was USD34.6 billion.

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