Apple's 2023 Stock Growth Lags Behind Competitors Amid Longest Revenue Decline in Two Decades

Despite Challenges, Apple Remains World's Most Valuable Company with Strong Services Business and Upcoming Launch of Vision Pro Headset

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.