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Apple earnings see 10% iPhone sales drop | TechCrunch

Apple earnings see 10% iPhone sales drop | TechCrunch

Apple on Thursday iPhone sales are reported to be down 10 percent. For the second fiscal quarter, it fell to $45.9 billion, year-over-year, from $51.3 billion. The slowdown was partly driven by an 8 percent decline in China.

Apple's slow pace in adopting AI compared to rivals like Google and Microsoft has likely contributed to consumers' decision to hold off on new iPhone purchases. Apple has promised some big announcements on that front (likely at WWDC in June), but the iPhone 16 likely won't arrive until the fall itself.

Despite those dire hardware numbers, however, the company still managed to beat Wall Street expectations, thanks to a surge in services revenue and a massive $110 billion stock buyback — which That's up from last year's $90 billion in purchases.

Services, which includes offerings like iCloud, Apple TV+ and Apple Music, grew 14 percent for the year. Apple has long anticipated a slowdown in hardware sales, and its increased focus on subscription services has helped offset some of that loss.

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