Apple Inc (NASDAQ:AAPL) shares are trading lower Monday after the International Data Corporation (IDC) reported that the company’s first-quarter personal computer shipments fell 40.5% year-over-year.
The Details: Although PC shipments experienced weakness across the industry, Apple saw the biggest dropoff, per preliminary data from the IDC. The company’s year-over-year declines were 11.5% worse than average and nearly 10% worse than Dell, which saw the second-largest decline, down 31% year-over-year.
IDC said the weakness across PCs was due to excess inventory, weak demand and a deteriorating macro environment.
“Though channel inventory has depleted in the last few months, it’s still well above the healthy four to six week range. Even with heavy discounting, channels and PC makers can expect elevated inventory to persist into the middle of the year and potentially into the third quarter,” said Jitesh Ubrani, research manager for IDC’s mobility and consumer device trackers.
PC shipments are not expected to return to growth until the end of 2023 or early 2024.
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AAPL Price Action: Apple has a 52-week high of $176.15 and a 52-week low of $124.17.
The stock was down 2.45% at $160.65 at the time of writing, according to Benzinga Pro.
Photo: courtesy of Apple.
