Down 17%, iPhone sales drop at record pace

Wednesday, 01 May 2019, 03:53 Hrs
33
cmt right
30
Comment Right
54
cmt right
11
cmt right
Printer Print Email Email
Down 17%, iPhone sales drop at record pace


Apple posted better earnings and revenue than Wall Street expected for the March 2019 quarter -- even as sales of its flagship iPhones were $6.5 billion lighter in the period, down by 17 per cent.

iPhones 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.

For the quarter ended March 30, which is Apple's fiscal year 2019 second quarter, the company reported revenue of $58.0 billion, down 5 per cent from the year-ago quarter, and earnings per diluted share of $2.46, down 10 per cent.

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.

While iPhone revenue fell, to $31.05 billion, Apple's Services segment -- which includes the App Store, Apple Music, iCloud, Apple Care and Apple Pay -- generated quarterly record revenue of $11.5 billion, up 16 per cent. 

According to the CEO, Apple had 390 million paid subscriptions at the end of March, up 30 million in the last quarter.

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.



Read More News:



Nubia's new gaming phone comes with internal cooling



Source: IANS
SPOTLIGHT
Startup City
Youth are leading India's start-up ecosystem where the median age of founder-entrepreneurs..
Entertainment
"Game of Thrones" author George R.R. Martin doesn't want season eight to be the final chapter of "..
Gadgets
Google Pixel and OnePlus smartphones are catching up and giving stiff competition to Samsu..
Business
The Pentagon has selected Microsoft and Amazon Web Services (AWS, the cloud computing arm ..
Finance
The Reserve Bank of India injected a total liquidity of Rs 2.98 lakh crore in the market in 20..
Career
Wiley, a global leader in research and education has announced a series of blended learning progr..
US Indian
Facebook-owned photo messaging app Instagram has launched the beta version of its in-app sh..
Technology
Facebook-owned messaging app WhatsApp is still developing its previously announced "Vacatio..
Enterprise IT
Taking on streaming giants like Netflix and Hulu, Walt Disney Co. has announced it will laun..