VDealing with computers has become as acrobatic as trading copper ore or bitcoins. For lovers of roller coasters. During the 2020 lockdowns, PC and MacBook sales skyrocketed. Three years later, they are in the cellar. According to calculations by analyst firm IDC, worldwide personal computer sales collapsed by 29%, in units, in the first quarter, after having already fallen by as much in the fourth quarter of 2022. And the red lantern is, for once, the Olympic champion of profits, Apple. Its sales fell by more than 40% compared to the first quarter of 2022.
IDC experts cite weak demand, in the face of stocks at their highest. In this renewal market, it is quite logical that the wave of purchases of the Covid years is now reflected in a marked decline. In this mature market, we will have to wait for the next generations to see customers return.
But the reluctance of buyers also reflects the decline in consumption in the United States and the concrete effect of monetary policies aimed at slowing demand, and therefore at dissuading individuals and businesses from spending too much. The sharp rise in interest rates, intended to crush inflation, discourages the most frenzied buyers.
Worsened financing conditions
We should quickly have confirmation that this trend is not limited to computer purchases alone. The first quarter earnings season kicks off this week in the United States. And, according to the company FactSet, which peels the accounts and probes the companies, the first 500 American listed companies should announce the largest drop in their profits since 2020.
Wage costs have jumped with job shortages. The cost of capital soars with the rise in interest rates. Financing conditions are not going to improve with the looming banking crisis. Seventy-eight companies in the S&P 500 have already warned that their profits will be lower than expected, including eleven in the semiconductor sector alone. For a time masked by rising prices, the drop in sales produced its first effects. And not just among Apple fans.
