Apple sales dropped at the end of 2022 as shoppers squeezed by the rising cost of living cut back their purchases. Sales at the iPhone giant fell 5% in the three months to December compared with the same period in 2021. It was the biggest decline since 2019 and worse than expected. The update came as many firms warn about a sharp economic slowdown, especially in the tech sector which boomed during the pandemic. Apple boss Tim Cook said the firm was navigating a "challenging environment". He blamed the sales decline on supply shortages due to Covid-19 disruption in China - where its phones are manufactured - and a strong dollar, as well as wider economic weakness stemming from rising prices, the war in Ukraine and lingering effects from the pandemic. Apple said the decline in sales occurred throughout the world and hit most of its products. Sales of its popular iPhones were down more than 8%, and sales of Mac computers dropped 29%.
