Apple iPhone sales plunge, as shares rise on dividend, stock buyback news
Al Jazeera
Sales of the iPhone fall 10 percent amid growing competition from Chinese rivals such as Huawei.
Apple’s revenue has dipped for a fifth consecutive quarter, driven by the steepest decline in iPhone sales since the early days of the COVID-19 pandemic.
The California-based tech giant on Thursday reported a profit of $23.6bn on $90.8bn in revenue during the January-March period.
Sales of the iPhone fell 10 percent, to $45.7 bn, amid growing competition from Chinese rivals such as Huawei and Xiaomi.
Sales in Greater China, one of Apple’s most important markets, fell to $16.4bn from $17.8bn year-on-year, a nearly 8 percent decline.
The sales drop marked the biggest slump since the third quarter of 2020 when factory closures due to COVID delayed the release of the iPhone 12.
