According to Apple’s recent earnings report, the tech giant earned $90.8 billion in the first quarter (January-March). Which is a decrease of 8 percent compared to the previous year. In addition, the company has also announced that it will buy back shares worth $110 billion from investors. News CNN.
According to the news, the company’s income has decreased to a large extent due to the decline in iPhone sales in different regions of the world. iPhone sales fell 10 percent overall in the first three months of 2024. According to analysts, revenue has also been adversely affected by reduced demand for the iPhone 15, which was launched in September last year.
Apple sold $4.596 billion worth of iPhones in the quarter ended March 31. During this period, the company’s net income fell to 2,360 million dollars, which is slightly less than the same period of the previous year. Mac device sales, on the other hand, rose 4 percent to $7.5 billion and services revenue exceeded $23.9 billion, beating analysts’ forecasts.
One of the reasons for Apple’s decline in iPhone sales is the loss in the Chinese market. In particular, nationalism, unstable economic conditions and increasing competition have brought about changes in the market system. However, according to Tim Cook, iPhone sales in the country increased again at the beginning of the second quarter.