Down 17%, iPhone Sales Drop at Record Pace
May. 1, 2019iPhones sales fell at their steepest-ever rate during the three months to the end of March but are showing signs of stabilising, the BBC reported.
Apple lifted its outlook for the three months to June, sending its shares over 5 per cent higher in after-hours trading.
The company had warned on iPhones sales earlier this year, citing China where Apple competes with cheaper rivals such as Huawei Technologies and Xiaomi.
Apple chief executive Tim Cook though said sales were stronger towards the end of March, including in China where it cut iPhone prices to boost demand.
Wall Street analysts’ consensus estimates had projected Apple to report revenue of $57.37 billion and EPS of $2.36. Apple’s stock rose over 5 per cent in after-hours trading.
Apple is also attempting to shift its reliance on the iPhone towards services and last month unveiled its new TV streaming platform, Apple TV+, to take on the likes of more established companies such as Netflix.
Services revenue rose to $11.4 billion from $9.8 billion in the same quarter last year.
