Apple slides as IDC says Mac shipments fell 40% year-over-year amid PC weakness
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Apple (NASDAQ:AAPL) shares slipped more than 2.5% in early trading on Monday as research firm IDC said Mac sales performed worse than the overall PC market in the first quarter, dropping more than 40% year-over-year.
According to IDC, Mac sales dropped 40.5% from the year-ago period to 4.1M units. Overall PC sales declined 29% year-over-year to 56.9M units in the period, as weak demand, excess inventory and the continued deterioration of the global economy continued to weigh on consumer electronics.
"Though channel inventory has depleted in the last few months, it's still well above the healthy four to six week range," said Jitesh Ubrani, research manager for IDC's Mobility and Consumer Device Trackers, in a statement. "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."
Aside from Apple, the other top five largest PC makers - Lenovo, HP (HPQ), Dell (DELL) and Asus - also saw significant contractions. 
HP (HPQ) fared the best, according to IDC, as the Enrique Lordes-led company saw a 24.2% year-over-year drop during the quarter, while the other three experienced declines of 30% or more.
Apple (AAPL) and other PC makers benefited in 2021 and the first-part of 2022 as the surge in remote work, caused by the COVID-19 pandemic, led to workers and businesses refreshing their machines.
In the tech giant's most recent quarter, Apple (AAPL) said it generated $7.7B in Mac-related revenue, down from $10.85B in the year-ago period. Apple (AAPL) does not break out unit sales in its quarterly filings.
In the first-quarter, Apple (AAPL) unveiled several new Macs, including new MacBook Pro and Mac minis with updated M2 Pro and M2 Max processors.
Apple (AAPL) is slated to discuss its second fiscal quarter results on May 4, 2023.
Last week, Apple (AAPL) said it will open its first official retail store in India in the financial district of Mumbai.