Discover why Apple’s stock growth is falling behind competitors and experiencing the longest revenue decline in two decades in 2023

Today marks the end of trading for the year 2023. AAPL stocks gained 54% this year but when compared to its competitors, it didn’t perform as well. Companies like Nvidia, Meta, Tesla, Amazon, and Microsoft all saw higher stock increases. Apple has seen a decline in revenue for the last four quarters, marking the longest negative slide in over two decades. Although the company has beaten Wall Street expectations in some recent earnings reports, lower iPhone, iPad, and Mac sales have kept investors cautious. Even with its revenue decline, Apple remains the most valuable company in the world with a market capitalization of approximately $3 trillion and generated about $100 billion in income for fiscal 2023.
The decline in revenue is partly due to global trends and some Apple-specific factors such as minor iPhone upgrades, no new iPad hardware launches, and more iterative upgrades for Macs. The short-lived ban on the Apple Watch has also contributed to a challenging year for the company.
However, there is hope for a turnaround in 2024. Hardware sales are expected to bounce back, and growth in Apple’s services could help the company return to revenue growth. The launch of Vision Pro in early 2024 might not drive much revenue in the first year, but if it’s received positively, it could create momentum for the future and generate buzz for Apple’s existing products. Whether or not Apple will return to revenue growth in 2024 remains to be seen, but there is optimism for a positive turnaround.