Apple posts first revenue drop in four years

Supply chain issues and slowing demand for the iPhone caused a rare slump for the tech giant as CEO Tim Cook took a pay cut

Apple shares slid more than 4% on Thursday after the company posted a disappointing first quarter earnings report, including rare misses on revenue, profit and sales.

The iPhone maker missed analyst expectations on profit for the first time in seven years, after strict Covid-19 lockdowns and related protests in China upended iPhone production at its biggest supplier.