Apple's profit declines nearly 11%
CNN
Even the world's most valuable tech company isn't immune to the more challenging global economic climate.
Apple (AAPL) on Thursday reported its profits declined by nearly 11% in the three months ending in June from the same period a year ago as the company works through an economic downturn and supply chain disruptions in China due to the country's zero-Covid policy.
The iPhone giant reported revenue of $83 billion, up 2% from the same period in the prior year. Although it was the highest revenue figure the company has posted during its fiscal third quarter, it marked a significant slowdown in growth from its 36% year-over-year revenue increase in the year prior.
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