Overview

• Despite a 54% gain in 2023, Apple's stock growth lagged behind its competitors, marking the longest revenue decline in over two decades.
• Apple's revenue decline was due to lower sales of iPhone, iPad, and Mac products, with no new iPad hardware launches in 2023 and more minor upgrades for Macs.
• Despite the revenue decline, Apple remains the most valuable company in the world with a market cap of ~$3 trillion and produced a massive ~$100 billion in income for its fiscal 2023.
• Apple's services business has been performing well, offsetting the company's other declining divisions, and is estimated to be worth between $1.5 and $1.6 trillion in 2024.
• Apple's new product, the Vision Pro mixed-reality headset, is set to launch in early 2024 and could generate foot traffic and buzz for Apple's existing products.