FILE - In this June 16, 2020 file photo, the sun is reflected on Apple’s Fifth Avenue store in New York. Apple will reports earnings on Thursday May 2, 2024. Apple on Thursday revealed its steepest quarterly decline in iPhone sales since the pandemic’s outset, deepening a slump that’s increasing the pressure on the trendsetting company to spruce up its products with more artificial intelligence.
The 10% drop in year-over-year iPhone sales for the January-March period is latest sign of weakness in a product that generates most of Apple’s revenue. It marked the biggest drop in iPhone sales since July-September period in 2020, when production bottlenecks caused by factory closures during the pandemic resulted in a delayed release of that year’s model.
The current iPhone downturn was the main reason Apple’s revenue for the latest quarter decreased 4% from last year’s to $90.8 billion. It marked thethat Apple’s revenue dipped from the previous year. Apple’s profit in the past quarter totaled $23.64 billion, or $1.53 per share, a 2% dip from last year.
But both Apple’s revenue and earnings per share came in slightly above analysts projections, according to FactSet Research. Its stock rose more than 6% in extended trading after the news came out. The shares have fallen 10% so far this year, erasing about $300 billion in stockholder wealth.The Fed indicated rates will remain higher for longer.
Even as it stumbles slightly, Apple remains one of the world’s most prosperous companies. The Cupertino, California, company hammered home that point by announcing a 4% increase in its quarterly dividend to 25 cents per share.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BGR - 🏆 234. / 63 Read more »